UPDATE: J.P. Morgan Raises PT on Camden Property Trust (CPT)

J.P. Morgan is out with its report on Camden Property Trust (NYSE: CPT), raising its PT from $46 to $51.

In a note to clients, J.P. Morgan writes, "We increase our December 2011 price target to $51 from $46/share. Our target is primarily based on a discounted cash flow approach to valuation. For 'cash flow' we utilize the current dividend and a ~85% AFFO payout ratio going forward."

J.P. Morgan maintains Neutral on CPT.

Shares of CPT closed Monday at $55.29.