Cantor Fitzgerald raises its rating on Equity Lifestyle Properties ELS from Hold to Buy and reiterates its price target of $75.50.
Cantor Fitzgerald comments, "The stock is a more attractive relative value given underperformance (due to the flight to "higher growth" rental housing investment options). ELS is now attractive on an absolute basis (our price target of $75.50 implies a 12-month total return of 16.0%, higher than our 12-month total return expectation for the RMZ of 9.5-14.5%) and on a relative basis, trading with an implied cap of 6.2%, vs. 5.2%/6.0% for multifamily/REIT peers, respectively, while '13 AFFO multiples trail at 15.8x, vs. 20.8x/18.4x for multifamily/REITs peers."
ELS closed at $75.50 on Tuesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in