Feb. 3 at 1:03 PM
$ELS Upgrade Alert
BofA upgrades → Buy | PT
$76 (from
$74)
Key takeaways:
• Stable Manufactured Home (MH) & Annual RV revenue = main growth driver
• Seasonal & Transient RV segment = only ~9% of 2025 property revenue
• Even if RV underperforms guidance, ELS has strong cost discipline & margin protection
• Stock still discounted for RV concerns, but fundamentals solid