KBW Has Market Perform On Sun Communities Inc. (SUI)

KBW has a Market Perform rating and a $40 price target on shares of Sun Communities Inc. SUI following earnings. In a note to investors, KBW writes, "1Q11 FFO exceeded expectations on better expenses and interest, offset by G&A. 1Q same-property NOI +4.2% YOY; rev +3.1%, exp -0.6%. Guidance unchanged ($2.99) but expect $0.14/sh ($0.07 net of 1% trans costs) accretion on portfolio acq in '11, $0.27/sh in '12. Guidance will be updated post-close. Rental program to expand further, supporting occupancy. Revising ests, NAV and PT; models attached in PDF." Shares of SUI closed at $37.62 yesterday.