Analyst Upgrades Camden Property Trust: Anticipating A 'Mean-Revert' And Strong FFO Growth
Portfolio Pulse from Lekha Gupta
BMO Capital Markets analyst John P. Kim upgraded Camden Property Trust (NYSE:CPT) to Outperform from Market Perform and increased the price target to $126 from $125. Kim expects CPT to 'mean-revert' in the near term due to its underperformance compared to peers. He is bullish on CPT's strong balance sheet and anticipates better FFO per share growth in 2024. Kim also expects a guidance raise due to a stronger employment background and lower-than-expected supply-related pressures.
July 18, 2023 | 5:54 pm
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Camden Property Trust (CPT) has been upgraded to Outperform from Market Perform by BMO Capital Markets. The price target has been increased to $126 from $125. The analyst expects CPT to 'mean-revert' in the near term and anticipates better FFO per share growth in 2024.
The upgrade by BMO Capital Markets and the increase in price target indicate a positive outlook for CPT. The analyst's expectation of a 'mean-revert' in the near term and better FFO per share growth in 2024 could potentially drive the stock price up.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100