Barclays initiates coverage on Equity Lifestyle with 'equal weight'

Barclays initiates coverage on Equity Lifestyle Properties ELS.N with an 'equal-weight' rating and price target at $70

The price target is at a 10.9% premium to the stock's last close

Says rating based on belief that core annual results will remain steady , but near-term risks to fund from operations(FFO) growth estimates skew to downside

"Stable rent growth and secular growth tailwinds position Manufactured Homes (MH) as a defensive sector, which historically merited a valuation premium relative to REITs"- Barclays

Real estate investment trust (REITs) co's shares marginally down at $63 in choppy morning trade

Nine of 14 brokerages rate the stock "buy" or higher, five "hold"; their median PT is $73- data compiled by LSEG

Including session moves,shares down 5.4% YTD