BMO Capital downgraded Camden Property Trust to Market Perform from Outperform with an unchanged price target of $100. The more benign interest rate backdrop will likely benefit Camden Property, but BMO is concerned of record-high new supply in many of the company’s markets, coupled with a more subdued employment outlook, the analyst tells investors in a research note. The firm estimates Sunbelt multifamily fundamentals in 2024 will be historically weak.
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