Equity Lifestyle downgraded to Neutral from Buy at BofA

BofA downgraded Equity Lifestyle to Neutral from Buy with a price target of $64, down from $70, as the firm trims its growth estimates. While positive on Equity Lifestyle’s industry outlook, steady rent increases of MH sites and lack of supply risk, the firm believes the current valuation is “rich” and fully reflects the sector’s strong fundamentals, the analyst tells investors.