Wells Fargo lowered the firm's price target on Sun Communities to $142 from $150 and keeps an Overweight rating on the shares. The company's U.K. platform sale was a key step in the firm's multiple expansion thesis when it upgraded Sun Communities to OW. Despite the large impairment, pricing was still in line with its expectations and exiting the U.K. removes a key overhang on the stock, in Wells' view.
