Barclays Initiates Coverage on Equity LifeStyle Properties with $70 Price Target
May 29, 2025 – Barclays has officially begun coverage of Equity LifeStyle Properties, Inc. (NYSE: ELS), establishing a target price of $70 and an Equal Weight rating for the stock. This decision is rooted in the firm’s expectation that the company’s core segments—Recreational Vehicle (RV) and Manufactured Housing (MH)—will exhibit stability moving forward.
In its research note, Barclays highlighted that Equity LifeStyle’s non-core segments, which include Camping Memberships, Expansion/Development Net Operating Income (NOI), and Home Sales, are anticipated to significantly enhance the firm’s future funds from operations. Projections suggest that by 2026, key areas such as Home Sales, RV Transient, and Campground Memberships will stabilize, following previous declines. However, Barclays forecasts that RV Transient/Seasonal revenue will remain flat in 2026, with only a slight uptick expected in 2027.
Equity LifeStyle demonstrated strong financial performance in Q1 2025, with a 3.8% increase in net operating income and a 6.7% rise in normalized funds from operations per share. A notable aspect is its MH portfolio, which constitutes about 60% of the company’s total revenue and boasts a healthy 94% occupancy rate.
As a leading real estate investment trust (REIT) with a portfolio of manufactured home communities, RV resorts, and campgrounds across North America, Equity LifeStyle properties is strategically positioned in appealing housing markets and vacation locales.
Despite Barclays’ optimistic outlook, the firm also suggests that investors explore other stocks with potential for higher returns, particularly in the AI sector, hinting at alternatives with even greater upside potential than ELS.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
