Wells Fargo lowered the firm’s price target on Sun Communities (SUI) to $135 from $154 and keeps an Equal Weight rating on the shares. The firm remains sidelined on Sun Communities following Q3 earnings and REITworld, and expects an uneven path to optimizing expenses/capex, hiring a new CEO and providing a clearer picture on strategy. Wells would like to see the CEO search result in an external hire based on investor feedback and the opportunity to bring fresh perspectives to the business. The firm still views the asset base as one of the best in REITs, setting the stage for potential long-term upside once the noise clears.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SUI:
- Sun Communities downgraded to Neutral from Buy at UBS
- BofA cuts Sun Communities estimates, downgrades to Underperform
- Sun Communities downgraded to Underperform from Neutral at BofA
- Sun Communities Restructures and Leadership Changes Announced
- Sun Communities price target lowered to $135 from $147 at RBC Capital