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

Related ELS
Earnings Scheduled For April 17, 2017
Earnings Scheduled For January 23, 2017

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 2016BairdUpgradesNeutralOutperform
Oct 2016Evercore ISI GroupInitiates Coverage OnHold
Jul 2016CitigroupMaintainsNeutral

View More Analyst Ratings for ELS
View the Latest Analyst Ratings

Posted-In: Cantor FitzgeraldAnalyst Color Price Target Analyst Ratings


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