UPDATE: BMO Capital Markets Downgrades Sun Communities to Market Perform, Reiterates $45 PT

In a report published earlier today, BMO Capital Markets downgraded its rating on Sun Communities (NYSE: SUI) from Outperform to Market Perform and reiterated its $45.00 price target.

BMO Capital Markets stated, “SUI's fundamental business – owning, operating, acquiring and expanding manufactured home communities offering an affordable housing option to families – has continued to thrive as Americans right-size their housing consumption following the housing bubble. Furthermore, SUI's balance sheet metrics and dividend coverage have also improved, and we continue to expect positive underlying fundamentals to drive NOI growth.”

Sun Communities closed yesterday at $45.16.

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