UPDATE: J.P. Morgan Raises PT on Camden Property Trust to $61

J.P. Morgan is out with its report today on Camden Property Trust (NYSE: CPT), raising its PT from $56 to $61.

In a note to clients, J.P. Morgan writes, "We were particularly impressed with CPT's core trends coming out of the NAREIT conference. We are in turn raising our estimates (excluding a charge in 2Q). We remain constructive on apartment REITs broadly. Our Neutral rating on CPT at this point is largely a function of differentiating between apartment REITs and the risk that its markets see more supply and less pricing power follow-through in the out years. We have increased our December 2011 price target to $61 from $56/share. Our target is primarily based on a discounted cash flow approach to valuation."

Shares of CPT closed Thursday at $63.64.