Sun Communities down after BofA downgrades to 'underperform'

Sun Communities

12/11/2024 17:28

** Shares of real estate investment firm Sun Communities
 SUI.N  down about 1.9% to $124.65
    ** BofA downgrades SUI to "underperform" from "neutral"
rating
    ** Brokerage expects SUI to underperform until management
changes are finalized, the executive team addresses governance
concerns and a clear strategic direction by a new CEO is laid
out
    ** "Management actively avoided the governance question
during earnings call" -BofA
    ** SUI announced CEO Gary Shiffman will retire in 2025
    ** Brokerage cuts PT on stock to $114 from $147, a nearly
11% downside on stock's last close
    ** Seven of 14 brokerages rate the stock "buy" or higher, 6
"hold" and 1 "sell"; their median PT is $138, according to data
compiled by LSEG
    ** Including session's moves, stock down ~6.9% YTD

 (Reporting by Prakhar Srivastava in Bengaluru)
 ((Prakhar.srivastava2@thomsonreuters.com))