Camden Property price target lowered to $123 from $124 at Morgan Stanley

Morgan Stanley analyst Adam Kramer lowered the firm’s price target on Camden Property (CPT) to $123 from $124 and keeps an Equal Weight rating on the shares. The market has attributed slowing Single-Family Rental industry rent growth to new Build to Rent supply, but the firm thinks home prices and for-sale inventory are more important drivers of SFR fundamentals, says the analyst, who contends in a note on the group that a “more of the same” housing environment means “more of the same” for SFRs.