Camden Property initiated with a Buy at UBS

UBS analyst Michael Goldsmith initiated coverage of Camden Property with a Buy rating and $137 price target. The Buy rating reflects Goldsmith’s positive outlook for Houston and Southern California, telling investors in a research note that while he expects some supply pressure, he expects the supply mix to be more balanced between urban and suburban than in past periods of supply pressure which were more urban focused. Camden has higher new renter average income and stronger portfolio trade area demographics, which the analyst expects to perform better in a recessionary environment.