Equity Lifestyle price target lowered to $71 from $77 at Truist

Truist analyst Anthony Hau lowered the firm’s price target on Equity Lifestyle to $71 from $77 and keeps a Buy rating on the shares as part of a broader research note on REITs. The price target reflects a higher cost of capital, though the firm is incrementally more positive and sees strong Manufactured Housing rent growth in 2024. Truist adds however that while it is bullish on Manufactured Housing, annual RVs, and marinas, there’s no ignoring the shaky grounds of transient RVs, home sales, and holiday parks.