RBC Capital downgraded Camden Property to Sector Perform from Outperform with an unchanged price target of $122. The firm says Camden’s recent leasing spreads have given it pause. The analyst increasingly thinks that the stronger than expected Q2 results were more a product of peak leasing season than improving fundamentals. RBC believes Camden is likely to miss guidance for the second half of 2024, and that “this may be another long fall/winter for the Sun Belt.”
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