BofA double upgraded Camden Property Trust (CPT) to Buy from Underperform with a price target of $147, up from $111. The firm says a a recent portfolio trade in the Sunbelt, Equity Residential’s (EQR) $964M acquisition of an apartment portfolio, implies that Camden Property trades at a significant discount. The deal came in around a five cap rate, which compares to Camden’s current implied cap rate of 6.0%, which undervalues Camden, the analyst tells investors in a research note. The firm believes Camden Property’s valuation now looks very attractive relative to the recent trade.
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Read More on CPT:
- Camden Property price target raised to $116 from $108 at Scotiabank
- Camden Property price target raised to $122 from $114 at RBC Capital
- Camden Property sees Q3 core FFO $1.66-$1.70, consensus $1.69
- Camden Property sees FY24 core FFO $6.74-$6.84, consensus $6.73
- Camden Property reports Q2 core FFO $1.71, consensus $1.67