Sun Communities downgraded to In Line from Outperform at Evercore ISI

Evercore ISI downgraded Sun Communities to In Line from Outperform with a price target of $149, up from $144. The firm, which says it normally rolls forward its REIT valuation framework to the next year in early to mid-November, is pulling that process forward by 6 to 8 weeks as investors have positively responded to the Fed’s upcoming easing cycle, which has had “a very positive impact on stock prices and valuations” in the group, the analyst tells investors. The firm, which adds that its price targets among its REIT coverage rose by an average of 3.8%, adds that the range was wide at down 14% to up 20%, with the biggest increases taking place in malls, healthcare and office, while the smallest changes were made in residential and storage.