Wells Fargo Initiates Coverage on Equity Lifestyle Properties (ELS) with an Outperform

Wells Fargo initiates coverage on Equity Lifestyle Properties (NYSE: ELS) with an Outperform rating. Valuation range $49-50.

Wells analyst says, "We believe ELS shares can outperform its manufactured housing peers and the REIT group overall based on several factors, which include: 1) an age-restricted portfolio focus that should benefit from an accelerating aging population, 2) access to several different capital sources, like Fannie Mae, and 3) above-average dividend growth over the near and immediate term...Our 2009 and 2010 FFO estimates are $3.43 per share and $3.50 per share, respectively. Our model assumes about 3.0-3.5% NOI growth through 2010, primarily driven by internal growth. For 2011, our FFO estimate is $3.59 per share. Our estimates imply about 2% growth for 2010 and 2011."

To see more analyst ratings on ELS Click Here.

Equity Lifestyle Properties, Inc. is a publicly owned real estate investment trust (REIT). The firm engages in the ownership and operation of lifestyle oriented properties.

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