Citizens JMP has revised its price target for Sun Communities (SUI, Financial), reducing it from $150 to $140 while maintaining an Outperform rating. This decision follows a series of significant events since last August that have led to increased uncertainty around the company.
Among the developments affecting Sun Communities are shareholder activism, a critical short report, and the announcement of the retirement of the founding CEO. Additionally, the mobile home and RV community operator witnessed lower-than-expected results in its transient RV segment, undertook leverage reductions, and executed non-core asset dispositions. Furthermore, the sale of Safe Harbor Marinas has also been a notable event.
Despite these challenges, the analyst notes that the situation appears more controllable after Blackstone Infrastructure reached an agreement to acquire Safe Harbor Marinas at a strong valuation. This transaction is seen as a stabilizing factor for the company moving forward.
