peeterv
- Piper Sandler analyst Alexander Goldfarb upgraded Camden Property Trust (NYSE:CPT) to Neutral from Underweight as strength in the Sunbelt’s labor market means the record supply of apartments isn’t as adverse as originally feared at the start of the year.
- “Our concern that CPT would be harder hit because of its higher price point, closer-in portfolio versus Sunbelt peer Neutral-rated MAA (Mid-America Apartment Communities), proved for naught, because of the broad economic health of the Sunbelt,” the analyst wrote in a note to clients.
- Camden Property Trust (CPT) stock rose 2.7% in Monday morning trading.
- Goldfarb lifted his price target to $110 from $90, with the new multiple of ~16x 2024E FFO vs. prior ~14x, “reflecting stronger fundamentals in the relative markets than initially anticipated.”
- Risks include regulations, supply, inflation, and interest rates, he said.
- The analyst sees Essex Property Trust (ESS) and AvalonBay Communities (AVB) as best positioned for further upside.
- Goldfarb’s Neutral rating on Camden Property Trust (CPT) aligns with the SA Quant rating and the average Wall Street rating, both at Hold, while the average SA Analyst rating is Buy.
More on Camden Property Trust
#Camden #Property #Trust #upgraded #Neutral #Piper #Sunbelt #job #strength #NYSECPT