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

In a report published Monday, Cantor Fitzgerald reiterated its Buy rating on Equity Lifestyle Properties

, 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.