Sun Communities price target lowered to $140 from $150 at Citizens JMP

Citizens JMP lowered the firm’s price target on Sun Communities (SUI) to $140 from $150 and keeps an Outperform rating on the shares. Major events impacting Sun Communities since last August include shareholder activism, a short report, the retirement announcement by the founding CEO, disappointing transient RV results, leverage reductions, non-core dispositions, and the sale of Safe Harbor Marinas, all of which created a heightened sense of instability, the analyst tells investors in a research note. While outstanding issues remain, they are much more manageable after Blackstone Infrastructure announced an agreement to purchase Safe Harbor Marinas at an exceptionally strong valuation, the firm says.