UPDATE: Scotiabank Downgrades Camden Property Trust (CPT) to Sector Perform
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(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."
Shares of Camden Property Trust closed at $103.78 yesterday.
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