Truist lowered the firm’s price target on Camden Property to $122 from $132 but keeps a Buy rating on the shares. The firm is reducing its FY23 FFO estimate to $6.78 from $6.86 and its its FY24 view to $6.99 from $7.23 on higher interest rates and more conservative same-store revenue expense forecasts for next year, the analyst tells investors in a research note. Truist adds however that the stock appears undervalued, particularly in longer term, with rates likely to ease.
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