Morgan Keegan Maintains Underperform, $55 Target on Camden Property Trust

Morgan Keegan reiterates its Underperform rating and $55 target price on Camden Property Trust CPT as it tweaks estimates upward on stronger operations. Morgan Keegan says, "CPT reported 4Q 2011 FFO/sh of $0.84, exceeding our estimate by $0.03 and the Street by $0.01. The variance to our estimate was due to better-than-expected property operations and lower interest costs, partially offset by higher G&A. ...We expect that risks to strong multifamily trends (new supply and/or higher expenses) could negatively impact sentiment regarding CPT's core Sunbelt markets earlier than in other markets. Accordingly, we maintain our Underperform rating on CPT shares." CPT closed at $64.16 a share yesterday.