Equity Lifestyle price target lowered to $70 from $72 at RBC Capital

RBC Capital lowered the firm’s price target on Equity Lifestyle to $70 from $72 and keeps a Sector Perform rating on the shares after its Q1 earnings miss. While most investors correctly anticipated a costly 2023 insurance renewal and potentially the impact of difficult weather on the RV business, the strength elsewhere in the portfolio offset this while an unchanged guide ultimately proved to be a positive surprise, the analyst tells investors in a research note.