Truist lowered the firm’s price target on Equity Lifestyle to $72 from $73 and keeps a Hold rating on the shares. The firm is citing an SEC inquiry into the company’s FFO adjustments linked to membership upgrade sales and the REIT having reclassified cash flows for manufactured home purchases as operating rather than investing activities, the analyst tells investors in a research note. While impacting stock prices short-term, this should not affect Equity Lifestyle’s actual cash flow or business health, Truist added.
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