Evercore analyst Steve Sakwa maintains $Sun Communities Inc (SUI.US)$ with a hold rating, and adjusts the target price from $150 to $132.
According to TipRanks data, the analyst has a success rate of 53.0% and a total average return of 1.2% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Sun Communities Inc (SUI.US)$'s main analysts recently are as follows:
Sun Communities experienced one of the most challenging quarters in recent memory, marked by significant misses and guidance reductions. This was primarily due to a combination of increased expenses, diminished demand in transient and marina operations, hurricane effects, and the challenge in swiftly adjusting expenses. Consequently, this has led to a 5% reduction in the outlook for 2024.
Sun Communities' third-quarter outcomes were below expectations, showcasing a shortfall in core FFO per share and a downward revision in guidance. This coincided with a pivotal announcement regarding leadership changes, including the retirements of the CEO and a board member. It is anticipated that these developments could lead to more substantial transformations, potentially involving the divestiture or disposition of Park Holidays or Safe Harbor.
Although the business model of Sun Communities is appreciated for its relative resilience, recent quarterly reports have not exhibited the same sturdiness. The company has revised its guidance downward for North America same-store NOI growth by 2.25%, with reductions across all segments. A cautious stance is being adopted until the company demonstrates a series of consistent and clear quarterly performances.
Note:
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