Camden Property downgraded on ‘market drag’ at Piper Sandler

Piper Sandler analyst Alexander Goldfarb downgraded Camden Property ty Trust to Neutral from Overweight with an unchanged price target of $136. The analyst believes the company’s exposure to Southern California, Houston, and D.C. is driving the lower than expected operating income guidance. Piper continues to believe that Camden should sell its California portfolio, continue to trim D.C., and recycle back into the Sunbelt, perhaps entering some new markets. It cites the "market drag" for the downgrade.