Deutsche Bank upgraded Equity Lifestyle (ELS) to Buy from Hold with a price target of $72, up from $65. The firm says the outlook for manufactured housing “remains constructive” given the aging population. In addition, manufactured housing is an attractive option to combat housing affordability issues, as a new manufactured home is 75% less expensive than a site built home, the analyst tells investors in a research note. Deutsche switched its preference in the sector to Equity Lifestyle over Sun Communities. The challenging seasonal and transient outlook poses a bigger challenge for Sun than Equity Lifestyle, contends Deutsche Bank.
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