Sun Communities downgraded to Neutral from Outperform at Baird

Baird downgraded Sun Communities (SUI) to Neutral from Outperform with a price target of $126, down from $145. The firm says that while it likes the relative resiliency of the business model, the company’s quarterly reports “have not been resilient.” Sun Communities cut guidance for North America same-store NOI growth by 2.25% with cuts in every segment, the analyst tells investors in a research note. It moves to the sidelines until the company “can string together a few clean quarters.”