BMO cuts Equity Lifestyle Properties PT after mixed Q1 results

BMO Equity Research cuts Equity Lifestyle Properties ELS.N PT to $77 from $78, representing a 19.5% upside to the stock's last close

On Monday, the REIT reported Q1 adjusted fund from operations of 83 cents per share, in line with Wall Street estimates, as per data compiled by LSEG

Co's revenue for the quarter was $387 million while the analyst estimate was $399 million

Brokerage says ELS saw continued weakness in its transient RV business during quarter, and a rare slippage on manufactured homes occupancy which was impacted by last year's Florida hurricanes

9 of 14 brokerages rate the stock "buy" or higher, 5 "hold"; their median PT is $73.50 - LSEG data

As of last close, stock had fallen 3.3% YTD, compared with a 5.5% decline YTD in the S&P Equity Real Estate Investment Trusts index .SPMDCREC