BMO Capital lowered the firm’s price target on Sun Communities (SUI) to $140 from $143 and keeps an Outperform rating on the shares. The company’s “significant” relative underperformance vs. Equity Lifestyle (ELS) is largely attributable to its U.K. investments, which have provided earnings complexity and disappointing results, the analyst tells investors in a research note. A recent filing in the UK reveals that sale offers that served as collateral for the loan were underwhelming, the firm added.
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