Baird downgraded Sun Communities (SUI) to Neutral from Outperform with a price target of $126, down from $145. The firm says that while it likes the relative resiliency of the business model, the company’s quarterly reports “have not been resilient.” Sun Communities cut guidance for North America same-store NOI growth by 2.25% with cuts in every segment, the analyst tells investors in a research note. It moves to the sidelines until the company “can string together a few clean quarters.”
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Read More on SUI:
- Sun Communities, Inc. Reports Q3 2024 Earnings
- Sun Communities sees FY24 core FFO per share $6.76-$6.84, consensus $7.11
- Sun Communities announces restructuring, cost cutting plan
- Sun Communities announces John McLaren’s return as president
- Sun Communities CEO Gary Shiffman to retire in 2025
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