Keefe, Bruyette, & Woods Reiterates Market Perform on Camden Property Trust (CPT)

Keefe, Bruyette, & Woods is out with a research report this morning, where it reiterates its Market Perform on Camden Property Trust

; it has a $45.00 price target on the stock. The KBW analyst said that Q2 FFO per share was $0.66, topping their expectations. They also noted that there was sequential positive revenue, which is the first time since the third quarter of 2008. The company’s better-than-expected trends drove the earnings “outperformance” and the higher operating/FFO outlook. They noted, “FY10 NOI now -4% midpt (was -7%); FFO midpt now $2.64 (was $2.50). Upping 2010 and 2011 estimates to $2.68/$2.83 (was $2.60/$2.70). Updated NAV ($38.00); maintain Market Perform.” Camden Property Trust is one of the largest apartment REITs concentrated in the Sunbelt. CPT's portfolio is well-diversified, and its management team is well-regarded.