Piper Sandler downgraded Camden Property Trust to Underweight from Neutral with a price target of $80, down from $126. The analyst sees the potential for further earnings pressure from bad debt and competitive supply lease-ups. The surprise negative earnings guidance revision and conference call comments indicate it will take several quarters to stabilize, the analyst tells investors in a research note.
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Read More on CPT:
- Camden Property sees 2023 core FFO $6.79-$6.83, consensus $6.88
- Camden Property sees Q4 core FFO $1.70-$1.74, consensus $1.80
- Camden Property reports Q3 core adjusted FFO $1.73, consensus $1.73
- Camden Property price target lowered to $111 from $117 at Evercore ISI
- Camden Property initiated with an Outperform at Wedbush