Equity Lifestyle upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst John Kim upgraded Equity Lifestyle (ELS) to Outperform from Market Perform with a $78 price target The firm views Equity Lifestyle as a “high-quality, highly defensive” manufactured housing real estate investment trust. The company’s manufactured home portfolio is 70% age-restricted and approximately 50% of its resident base is aged 70 or older, the analyst tells investors in a research note. BMO views this as defensive given these residents are largely retirees who are funding their rental sites with savings and entitlement benefits.