Wells Fargo analyst James Feldman lowered the firm’s price target on Camden Property to $92 from $107 and keeps an Underweight rating on the shares. The analyst says multi-family real estate investment trusts “finally showed the cracks from new supply this quarter.” Despite the underperformance in Q3, the firm still views the Sunbelt as most at risk given weak visibility on where rents in heavy supply markets bottom.
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Read More on CPT:
- Camden Property downgraded to Neutral from Buy at UBS
- Camden Property downgraded to Underperform at BofA on Sunbelt exposure
- Camden Property downgraded to Underperform from Neutral at BofA
- Camden Property downgraded to Underweight from Neutral at Piper Sandler
- Camden Property sees 2023 core FFO $6.79-$6.83, consensus $6.88
