11:44 AM EDT, 07/23/2024 (MT Newswires) -- Equity Lifestyle Properties' ( ELS ) Q2 results showed "stable solid growth" in annual segments, countering pressure on Transient RV with "deft expense management," UBS Securities said in a report emailed Tuesday.

Equity reported Q2 normalized funds from operations late Monday of $0.66 per diluted share, up from $0.64 a year earlier. Analysts surveyed by Capital IQ expected $0.65. Revenue in the quarter rose $380 million from $370 million. Four analysts expected $374.1 million.

The company's "ability to absorb a tough Transient RV setup and raise guidance on an improved expense outlook highlights why it deserves a premium valuation," UBS said.

Equity's results showed "well-controlled expenses" in Q2, and "growth for non-controllable expense lines is elevated but moderating," UBS

UBS has a buy rating on Equity and $74 price target.

Shares of Equity fell 2.1% in recent trading Tuesday.

Price: 66.31, Change: -1.42, Percent Change: -2.10