Equity Lifestyle initiated with a Buy at Jefferies

Jefferies analyst Peter Abramowitz initiated coverage of Equity Lifestyle (ELS) with a Buy rating and $80 price target The firm is constructive on manufactured housing, citing the tailwinds of an aging population and housing affordability challenges. Manufactured housing can weather macro challenges better than other sectors due to affordability and the possibility of a trade-down effect, the analyst tells investors in a research note. Jefferies cites Equity Lifestyle’s “superior” operating platform, demographic advantages and underappreciated growth profile at its current valuation for the Buy rating.