Citi Positive On Equity Lifestyle Properties (ELS)

Citi Investment Research has a Buy rating on Equity Lifestyle Properties, Inc.

and a $64 price target. In a note to clients, Citi writes, "While acknowledging that the portfolios are different (among other things, Parkbridge's portfolio is comprised of 7.7% marinas), ELS would have to trade at an implied cap rate of 5.6% to be in parity, considerably lower than its current 6.9%. We maintain our Buy due to the steady growth and stable predictable cash flow ELS provides at a discounted valuation." Shares of ELS lost 97 cents to close at $57.11 yesterday, a loss of 1.67%.