Sun Communities (SUI) PT Raised to $225 at BMO Capital

BMO Capital analyst John Kim raised the price target on Sun Communities (NYSE: SUI) to $225.00 (from $215.00) while maintaining an Outperform rating.

The analyst commented, "We are raising our SUI price target to $225 (+5%) and our 2021-2022 Core FFOps estimates following its £950M acquisition of Park Holidays, as well as commentary from our recent NAREIT meeting. We estimate the transaction is 7.3% accretive on annualized basis, and provides for further consolidation opportunities and ability to fully utilize lower-cost UK debt. We believe investors would like to see UK parks deliver similar organic growth as SUI's US business, which appears to be the case for its recently-acquired Safe Harbor marinas."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• New Street Research Upgrades Micron Technology (MU) to Buy
• BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform