RBC Capital lowered the firm’s price target on Sun Communities (SUI) to $135 from $147 and keeps an Outperform rating on the shares. The REIT had one of the worst miss/guide-down quarters in memory, as the confluence of higher expenses, weaker transient/marina demand, hurricane impacts, and inability to flex expenses down quickly enough led to a 5% reduction in 2024 guidance, the analyst tells investors in a research note. RBC is also cutting its FY24 FFO view by 30c to $6.79 and its FY25 FFO view by 53c to $7.03.
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Read More on SUI:
- Sun Communities price target lowered to $138 from $145 at BMO Capital
- Sun Communities downgraded to Neutral from Outperform at Baird
- 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
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