Compass Point raised the firm’s price target on Sun Communities to $125 from $116 and keeps a Neutral rating on the shares. The firm is discounting 2024 projected community NOI at the cap rate implied by the current valuation, and since the company is on track to increase NOI to some extent, the “increased value creation supports a higher stock price, even if multiples do not expand,” the analyst tells investors in an earnings preview note.
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