Wells Fargo downgraded Equity Lifestyle to Equal Weight from Overweight with a $70.50 price target as earnings risk outweighs the stock as a defensive investment at its current valuation. The firm is “increasingly concerned” about downside risk from Hurricane season for Q3 transient revenue, longer-term insurance costs and potential gaps in Equity Lifestyle’s recently revised coverage.
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- Equity Lifestyle price target lowered to $69 from $70 at RBC Capital
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