RBC Capital raised the firm’s price target on Sun Communities (SUI) to $155 from $134 and keeps an Outperform rating on the shares. The company’s Q4 earnings and guidance took a back seat to the previously announced sale of Safe Harbor Marinas, and while the management gave little additional specificity about deployment of the capital from the deal, RBC is assuming a $7 per share special dividend and debt paydown, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SUI:
- Sun Communities, Inc. Reports Mixed 2024 Earnings
- Sun Communities Sells Safe Harbor Marinas for $5.65B
- Sun Communities reports Q4 core FFO $1.41, consensus $1.39
- RBC likes Sun Communities marina business sale
- Sun Communities’ Strategic Sale to Blackstone Boosts Financial Outlook and Justifies Buy Rating