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

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Cantor Fitzgerald raises its rating on Equity Lifestyle Properties (NYSE: 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.

Latest Ratings for ELS

DateFirmActionFromTo
Jul 2014CitigroupMaintainsNeutral
Apr 2014Imperial CapitalMaintainsOutperform
Mar 2014CitigroupDowngradesBuyNeutral

View More Analyst Ratings for ELS
View the Latest Analyst Ratings

Posted-In: Cantor FitzgeraldAnalyst Color Upgrades Price Target Intraday Update Analyst Ratings

 

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