Truist lowered the firm’s price target on Equity Lifestyle (ELS) to $67 from $69 and keeps a Hold rating on the shares as part of a broader research note on manufactured home REITs. Investors remain focused on the transient RV softness and sluggish home sales and occupancy, but the firm views the pullback as overdone given the visible 4%-5% long-term FFO growth, strong pricing power and limited new supply, the analyst tells investors in a research note.
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