Camden Property price target lowered to $140 from $153 at Deutsche Bank

Deutsche Bank analyst Derek Johnston lowered the firm’s price target on Camden Property to $140 from $153 and keeps a Buy rating on the shares. The analyst recommends a cautious real estate investment trust positioning into 2023. Stock selection is crucial, says Johnston, who expects "largely muted" public REIT earnings power. The "robust" 2021 and 2022 leasing momentum and "sturdy to positive" rent spreads will wane in 2023 given the macro backdrop, Johnston tells investors in a research note. The analyst says elevated cost of capital for the REITs paired with a likely recession will stall business decision making and weigh on demand and earnings growth.