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Investing.com - Barclays (LON:BARC) has upgraded Equity LifeStyle Properties (NYSE:ELS) from Equalweight to Overweight while adjusting its price target to $67.00 from $70.00. The upgrade comes as the stock trades near its 52-week low of $58.31, with InvestingPro data showing technical indicators suggesting oversold conditions.
The upgrade comes as Barclays believes the market narrative around ELS has been overly focused on non-core business segments, which represent approximately 31% of projected FY25 revenues, including RV Transient, Campground Memberships, and Home Sales.
Following a reset of FY25 guidance, Barclays sees potential for these non-core businesses to improve in FY26 against easier comparisons, potentially triggering a positive re-rating as investor focus returns to the company’s core manufactured housing and RV business.
Barclays notes that ELS expects to achieve approximately 6% rate growth on upcoming renewals in Annual MH and RV segments, supporting the firm’s long-term outlook on core business demand.
The new price target includes a 5% premium to Barclays’ fair net asset value estimate of $62, reduced from a previous 10% premium, though the firm maintains that ELS deserves premium valuation given its "relatively clear pathway to 4%-5% NOI growth and 5%+ FFO/sh growth over the next 2-3 years."
In other recent news, Equity Lifestyle Properties Inc . reported strong financial results for the second quarter of 2025. The company exceeded Wall Street forecasts with an earnings per share (EPS) of $0.42, slightly above the anticipated $0.41. Revenue also surpassed expectations, reaching $376.9 million, which was an 18.44% surprise over the forecasted $318.22 million. These results highlight the company’s robust performance in the recent quarter. Despite the positive financial outcomes, the stock experienced a decline, which may reflect broader market trends or specific investor concerns. Analyst firms have not provided any upgrades or downgrades in response to these earnings results. Investors may find these developments noteworthy as they assess their positions. Equity Lifestyle’s recent performance could influence future market perceptions and investor decisions.
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