As previously reported, BofA downgraded Camden Property to Underperform from Neutral with a price target of $84, down from $101. Rent price growth for new leases turned negative in Q3 for companies with significant Sunbelt exposure, noted the analyst, who is downgrading three REITs that have significant exposure to that region. The firm believes rental price growth will become a compounding issue for the industry as peak deliveries of new supply are still several months away and interest rates are on the rise, the analyst added.
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Read More on CPT:
- Camden Property downgraded to Underweight from Neutral at Piper Sandler
- Camden Property sees 2023 core FFO $6.79-$6.83, consensus $6.88
- Camden Property sees Q4 core FFO $1.70-$1.74, consensus $1.80
- Camden Property reports Q3 core adjusted FFO $1.73, consensus $1.73
- Camden Property price target lowered to $111 from $117 at Evercore ISI