UPDATE: Cantor Fitzgerald Upgrades Equity Lifestyle Properties to Buy; Cheap Valuation

Cantor Fitzgerald raises its rating on Equity Lifestyle Properties ELS from Hold to Buy and reiterates its price target of $75.50. Cantor Fitzgerald comments, "The stock is a more attractive relative value given underperformance (due to the flight to "higher growth" rental housing investment options). ELS is now attractive on an absolute basis (our price target of $75.50 implies a 12-month total return of 16.0%, higher than our 12-month total return expectation for the RMZ of 9.5-14.5%) and on a relative basis, trading with an implied cap of 6.2%, vs. 5.2%/6.0% for multifamily/REIT peers, respectively, while '13 AFFO multiples trail at 15.8x, vs. 20.8x/18.4x for multifamily/REITs peers." ELS closed at $75.50 on Tuesday.