BMO Capital lowered the firm’s price target on Sun Communities (SUI) to $138 from $145 and keeps an Outperform rating on the shares. Given the unusual report timing and high seasonality, Sun Communities’ Q3 results disappointed across the board, with a core FFO per share miss and a guidance downgrade, but the management announced necessary changes, including the retirements of CEO Gary Shiffman and an unnamed Board member, the analyst tells investors in a research note. BMO adds it is hopeful for more significant changes that may include a spinoff or sale of Park Holidays or Safe Harbor.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SUI:
- Sun Communities downgraded to Neutral from Outperform at Baird
- Sun Communities, Inc. Reports Q3 2024 Earnings
- Sun Communities sees FY24 core FFO per share $6.76-$6.84, consensus $7.11
- Sun Communities announces restructuring, cost cutting plan
- Sun Communities announces John McLaren’s return as president
Questions or Comments about the article? Write to editor@tipranks.com