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UPDATE: Cantor Fitzgerald Reiterates Buy Rating, Lowers PT on Equity Lifestyle Properties

Related ELS
As Tiny Homes Movement Gains Traction, Equity Lifestyle Positioned To Benefit
Earnings Scheduled For April 18, 2016

In a report published Monday, Cantor Fitzgerald reiterated its Buy rating on Equity Lifestyle Properties (NYSE: ELS), but lowered its price target from $77.50 to $73.50.

Cantor Fitzgerald noted, “Despite having all the hallmarks of a star performer (core growth, capital strength, price resilience, etc.), ELS has underperformed YTD, up approximately 1.0%, vs. 17.6% and 10.6% for multifamily REITs and the RMZ Index, respectively. The somewhat sleepy Co. has experienced some big changes in recent periods, including a massive acquisition and a rotation of senior management. It is not all positive, however, as occupancies wobble, utilization rates remain stubbornly low, and MH/RV sales languish due to consumer credit impediments. We reiterate our BUY rating on the stock, however, on attractive valuation, broad organic growth opportunities, and steady, stable growth; we view ELS as one of our low-Beta portfolio hedges. Herein, we explore comps, examine growth patterns, review our segment expectations (vs. guidance), and update estimates.”

Equity Lifestyle Properties closed on Friday at $65.87.

Latest Ratings for ELS

Nov 2015BB&T CapitalInitiates Coverage onHold
Oct 2015BairdDowngradesOutperformNeutral
Apr 2015CitigroupMaintainsNeutral

View More Analyst Ratings for ELS
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Posted-In: Cantor FitzgeraldAnalyst Color Price Target Analyst Ratings


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