Analyst Adam Kramer from Morgan Stanley maintained a Hold rating on Equity Lifestyle and keeping the price target at $67.50.
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Adam Kramer’s rating is based on Equity Lifestyle’s recent financial performance, which showed a mixed picture. The company’s second-quarter normalized funds from operations (FFO) were in line with consensus expectations, but slightly below Morgan Stanley’s estimate. This was due to a combination of lower-than-expected core property operating revenue, which was offset by reduced core property operating expenses.
Despite maintaining guidance for core income from property operations, the lowered expectations for RV and marina base rental income could be perceived negatively by the market. The company’s guidance for the remainder of the year remains consistent, but the adjustments in revenue and expense forecasts suggest a cautious outlook. Therefore, the Hold rating reflects a balanced view of these factors, indicating neither a strong buy nor a sell recommendation at this time.
In another report released on July 15, Barclays also maintained a Hold rating on the stock with a $70.00 price target.