Sun Communities Bears The Brunt Of Lower Home Sales In UK Amid Macro Woes: Analyst
Portfolio Pulse from Nabaparna Bhattacharya
JMP Securities analyst Aaron Hecht has reiterated the Market Outperform rating on Sun Communities, Inc. (SUI), but lowered the price target from $160 to $150. The analyst is concerned about SUI's overall guidance decline this quarter, primarily due to lower home sales in the UK amid deteriorating macroeconomic conditions. However, the Marina segment has shown resilience, with FY23 guidance increased by 60bps at the midpoint. SUI shares are currently trading lower by 1.27%.
August 15, 2023 | 7:39 pm
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Sun Communities' stock may face pressure due to lowered price target and concerns over lower home sales in the UK. However, the resilience of the Marina segment could provide some support.
The lowered price target and concerns over lower home sales in the UK are negative factors that could put pressure on Sun Communities' stock. However, the resilience of the Marina segment, which has shown strong growth, could provide some support to the stock.
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