Equity Lifestyle upgraded to Buy at Truist on valuation, defensiveness

As previously reported, Truist upgraded Equity Lifestyle (ELS) to Buy from Hold with a price target of $72, up from $71, primarily citing what the firm views as an “attractive valuation on a growth basis compared to other apartment REITs.” While the firm admits its upgrade “may appear premature” given that a recovery in the transient RV segment may not occur until late 2025 or mid-2026″ it also cites the defensive nature of Equity Lifestyle’s portfolio during economic uncertainties, strong long-term growth prospects, and low leverage.