Imperial Capital Starts Equity LifeStyle Properties (ELS) at Outperform

April 17, 2013 9:21 AM EDT Send to a Friend
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Price: $47.18 -0.34%

Rating Summary:
    4 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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Imperial Capital initiates coverage on Equity LifeStyle Properties (NYSE: ELS) with a Outperform and $86 price target.

The analyst comments, "Chaired by legendary investor, Samuel Zell, Equity Lifestyles is the largest public owner of manufactured home (MH) and RV (recreational vehicles) sites and campgrounds. MH communities, which contribute about 70% of ELS’s property revenues, are one of the most stable of all property types in our view. New supply is limited and demand is driven by the need for shelter. MH represents an attractive residential option to an aging population and to some low-mid income families. The stabilization/improvement of home prices in many markets across the country should help facilitate the sales of family homes and move to sunbelt, MH communities. ELS’s Recreational Vehicle (RV) business has similar fundamental characteristics to MH. We believe the company has the capacity to increase its dividend at a rate in excess of the growth we expect from the sector."

For an analyst ratings summary and ratings history on Equity LifeStyle Properties click here. For more ratings news on Equity LifeStyle Properties click here.

Shares of Equity LifeStyle Properties closed at $80.14 yesterday.


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