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Investing.com - Jefferies raised its price target on Sun Communities (NYSE:SUI) to $142.00 from $140.00 on Monday, while maintaining a Buy rating on the stock. Currently trading at $126.60, the REIT appears slightly overvalued according to InvestingPro analysis, though analysts’ high target reaches $150.
The firm highlighted Sun Communities’ solid third-quarter performance, noting that manufactured housing (MH) led the way with net operating income (NOI) increasing approximately 10%. This prominent player in the Residential REITs industry reported $3.24 billion in revenue over the last twelve months.
Jefferies pointed out that feared underperformance in the recreational vehicle (RV) segment did not materialize, and the company is making progress driving retention through conversions from transient to annual customers.
The firm also noted positive preliminary 2026 rental rate increases, especially for manufactured housing, which showed a 5.0% increase.
With $500 million remaining in its share buyback authorization and an unrestricted cash position of $550 million, Jefferies expects Sun Communities to continue repurchasing shares.
In other recent news, Sun Communities reported its second-quarter earnings for 2025, which fell significantly short of analyst expectations. The company’s earnings per share were $0.07, compared to the forecasted $1.12, representing a 93.75% shortfall. Revenue also missed projections, coming in at $697.2 million against an expected $698.81 million. Despite this earnings miss, Evercore ISI recently upgraded Sun Communities’ stock rating from In Line to Outperform. The firm also increased its price target from $138.00 to $141.00. This upgrade follows notable changes within the company, such as the transition of CEO from Gary Shiffman to Charles Young and the sale of its marina business to Blackstone for nearly $5.7 billion. Evercore ISI highlighted that Sun Communities’ core manufactured housing and RV business remains strong. These developments underscore the dynamic environment surrounding Sun Communities.
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