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Fly News Breaks for June 3, 2019
Jun 3, 2019 | 07:51 EDT
BMO Capital analyst John Kim raised his price target on Sun Communities to $132 and kept his Outperform rating after holding meetings with the company's Australian JV partner Ingenia. The analyst notes that the partnership represents a "compelling value proposition" for Sun Communities, with development returns in Australia's motorhomes being "significantly higher" given the high median home prices. Kim warns however that after a 15% decline in Australia housing market from its 2017 peak, he sees the slump as a key near-term risk.
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