Sun Communities price target lowered to $135 from $147 at RBC Capital

RBC Capital lowered the firm’s price target on Sun Communities (SUI) to $135 from $147 and keeps an Outperform rating on the shares. The REIT had one of the worst miss/guide-down quarters in memory, as the confluence of higher expenses, weaker transient/marina demand, hurricane impacts, and inability to flex expenses down quickly enough led to a 5% reduction in 2024 guidance, the analyst tells investors in a research note. RBC is also cutting its FY24 FFO view by 30c to $6.79 and its FY25 FFO view by 53c to $7.03.