RBC Capital analyst Brad Heffern lowered the firm’s price target on Equity Lifestyle to $69 from $70 and keeps a Sector Perform rating on the shares following the Q2 results. Transient RV demand continues to moderate back towards pre-pandemic norms, but the normalization is also reducing expenses given staffing flexibility, and utility rate moderation is also helping expenses, the analyst tells investors in a research note.
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Read More on ELS:
- Equity Lifestyle sees FY23 normalized FFO $2.80-$2.90, consensus $2.85
- Equity Lifestyle sees Q3 normalized FFO 68c-74c
- Equity Lifestyle reports Q2 normalized FFO 63c, consensus 66c
- ELS Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Equity Lifestyle price target lowered to $78 from $79 at Barclays
