Sun Communities downgraded to Hold from Buy at Truist

Truist analyst Anthony Hau downgraded Sun Communities to Hold from Buy with a price target of $143, up from $130. Following a “challenging 2023 that was mired by volatile inflationary environment,” the firm is “relatively bullish” on the REIT sector broadly as it argues that REITs should benefit from improved cost of capital environment, liquidity and attractive valuation levels. In terms of sub-sectors Truist is “relatively bullish” on Shopping Centers, Industrial, Gaming, and Data Center REITs; Neutral on Healthcare, Multifamily, Office, Triple Net, and Manufactured Housing; and “relatively cautious” on Self-Storage, said the analyst in a group note in which the firm made ten rating changes.