U.S. Markets open in 6 hrs 50 mins

Shares of Equity LifeStyle fall on downgrade

BOSTON (AP) -- Shares of Equity LifeStyle Properties Inc. fell on Friday after Cantor Fitzgerald analysts downgraded shares of the real estate investment trust, saying the stock is no longer attractively priced after its 20 percent year-to-date rise.

THE SPARK: The analysts, David Toti and Gaurav Mehta, cut their rating of Equity LifeStyle to "Hold" from "Buy."

THE BIG PICTURE: The Chicago-based company has a controlling interest in more than 380 manufactured home communities and recreational vehicle resorts in 32 states and British Columbia.

THE ANALYSIS: In a note to clients, Toti and Mehta attributed their downgrade to the 20 percent year-to-date gain. That's about eight percentage points better than the gain for an index of REIT stocks and the rise in the Standard & Poor's 500 index.

The stock has climbed above a $75.50 price target that the analysts set in February.

"The achievement of our price target, absent meaningful visibility to additional catalysts, causes us to take a more neutral view," the analysts said.

SHARE ACTION: Shares of Equity LifeStyle fell 86 cents, or 1.1 percent, to $79.59 in opening trading. The stock hit a 52-week high of $80.83 on Thursday, and traded as low as $63.18 in November.