UPDATE: Scotiabank Downgrades Camden Property Trust (CPT) to Sector Perform

March 3, 2021 9:08 AM EST
Get Alerts CPT Hot Sheet
Price: $157.42 -0.3%

Rating Summary:
    18 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 8 | New: 36
Trade Now! 
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
(Updated - March 3, 2021 9:27 AM EST)

Scotiabank downgraded Camden Property Trust (NYSE: CPT) from Sector Outperform to Sector Perform with a price target of $108.00 (from $107.00).

The analyst commented, "We are downgrading CPT to Sector Perform from Sector Outperform as we think its current valuation adequately reflects the portfolio's positives (strong Sunbelt exposure, which drives above-peer rents and SSREV growth), as well as downside risks from weaker markets (DC, Houston, and LA comprising 32% of NOI in total). Importantly, we do not expect meaningful near-term catalysts to warrant rerating multiples higher and closer to Sunbelt peer, MAA given we expect 2021-22E SSREV growth of 1.7% at CPT vs. 2.1% for MAA. Our new PT of $108.00 is at par with our updated NAVPS estimate."

For an analyst ratings summary and ratings history on Camden Property Trust click here. For more ratings news on Camden Property Trust click here.

Shares of Camden Property Trust closed at $103.78 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments, Downgrades