Citi Maintains Buy on Equity Lifestyle Properties

Citi is out with its report today on Equity Lifestyle Properties ELS, maintaining Buy. In a note to clients, Citi writes, "While there is some transaction related noise in ELS' 2Q results and updated guidance, we believe the details behind the Hometown transaction support our Buy rating on the stock and highlight the value creation opportunity for ELS – with 2012 consensus estimates still too low and ELS' implied cap rate still too high. Overall, we continue to view ELS as an underfollowed, undervalued stock that has substantial earnings upside with marginal risk." Citi maintains a $72 PT on ELS. Shares of ELS closed Monday at $65.52, down 0.44% from Friday's close.