Equity Lifestyle price target raised to $72 from $68 at RBC Capital

RBC Capital analyst Brad Heffern raised the firm’s price target on Equity Lifestyle to $72 from $68 and keeps a Sector Perform rating on the shares as part of a broader research note on Residential REITs. The firm is updating its models with generally higher price targets to reflect the recent market rent trends, leasing updates, lower Secured Overnight Financing Rate rates, higher target multiples, and lower costs of debt, while also marking net asset values closer to private market levels, the analyst tells investors in a research note.