BofA analyst Joshua Dennerlein raised the firm’s price target on Sun Communities (SUI) to $132 from $124 and keeps an Underperform rating on the shares. Following its Q1 model update, the firm decreased its discount rate based on the Sun board’s “smart capital allocation decision” to improve Sun’s balance sheet with the Safe Harbor Marinas sale proceeds, but reiterates an Underperform rating based on valuation, CEO uncertainty as well as RV and UK risk.
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