Barclays upgraded Equity Lifestyle (ELS) to Overweight from Equal Weight with a price target of $67, down from $70. The stock’s valuation “screens cheaply” relative to Equity Lifestyle’s residential peers, the analyst tells investors in a research note. The firm believes manufactured home demand will remain stable and grow over the longer term. With Equity Lifestyle “right-sizing” its fiscal 2025 guidance, there is a low bar for the company’s non-core recreational vehicle businesses to improve in fiscal 2026, creating re-rating potential for the shares, Barclays contends.
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