Camden Property upgraded to Buy from Neutral at Citi

Citi upgraded Camden Property (CPT) to Buy from Neutral with a price target of $138, up from $125. The firm believes the stock’s valuation is attractive at a time that rent growth will likely inflect upward over the next year. While some investors consider the Sunbelt apartment trade to be a “hope trade” given weak near-term results, there’s a high probability of much stronger rent growth going forward given the combination of declining supply and continued strong demand, the analyst tells investors in a research note. Citi prefers Camden for its “persistent fundamental tailwinds.”