UPDATE: Stifel Nicolaus Upgrades Camden Property Trust to Buy on End Markets Recovery
Stifel Nicolaus raised its rating on Camden Property Trust (NYSE: CPT) from Hold to Buy and established a $76 price target.
Stifel Nicolaus noted, "CPT shares are off 11.1% from their 52-week high on August 1 (vs the RMZ decline of 2.8%) and are trading below our updated value range of $86-$76, which reflects cap rates of 5.0%-5.5%. … Camden continues to experience a broad-based recovery across all of its Sunbelt markets and should have some of the best top-line growth in the sector this year and next. We believe, guidance will be raised again with its 3Q release as portfolio fundamentals continue to surprise to the upside."
Camden Property Trust closed at $63.97 on Tuesday.
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