MGM (MGM) (ELS) (NUAN) (EPR) (MAA) Price Targets Changed

MGM Resorts (NYSE: MGM), Equity Lifestyle Properties, Inc. (NYSE: ELS), Nuance Communications Inc. (NASDAQ: NUAN), Entertainment Properties Trust (NYSE: EPR) and Mid America Apartment Communities Inc. (NYSE: MAA) price targets adjusted by analysts.

MGM Resorts (MGM) had its price target lowered by Citigroup (NYSE:C) to $13.50. They have a “Hold” rating on the company.

Equity Lifestyle Properties, Inc. (ELS) had its price target raised by FBR Capital from $71.50 to $73.50. They have an “Outperform” rating on the company.

Nuance Communications Inc. (NUAN) had its price target lowered by UBS AG to $24.00. They have a “Buy” rating on the company.

Entertainment Properties Trust (EPR) had its price target lowered by FBR Capital from $50.00 to $45.00. They have a “Market Perform” rating on the company.

Mid America Apartment Communities Inc. (MAA) had its price target raised by FBR Capital from $69.00 to $71.50. They have a “Market Perform” rating on the company.

Mosaic (MOS) (CSX) (DTLK) (ELS) (JCI) Price Targets Changed

The Mosaic Company (NYSE: MOS), CSX Corp. (NYSE: CSX), Datalink Corporation (NASDAQ: DTLK), Equity Lifestyle Properties, Inc. (NYSE: ELS) and Johnson Controls, Inc. (NYSE: JCI) had price targets adjusted by analysts.

UBS AG raised its price target on The Mosaic Company (MOS) to $80.00. They have a “Buy” rating on the company.

RBC Capital lowered its price target on CSX Corp. (CSX) from $29.00 to $27.00. They have a “Sector Perform” rating on the company.

Canaccord Genuity boosted its price target on Datalink Corporation (DTLK) from $10.00 to $12.00. They have a “Buy” rating on the company.

JMP Securities raised its price target on Equity Lifestyle Properties, Inc. (ELS) from $64.00 to $69.00. They have an “Outperform” rating on the company.

UBS AG (NYSE:UBS) lowered its price target on Johnson Controls, Inc. (JCI) to $41.00. They have a “Neutral” rating on the company.

FBR on Reits UDR (NYSE:UDR), Associated Estates (NYSE:AEC), Equity Lifestyle (NYSE:ELS), Public Storage (NYSE:PSA), Sovran Self Storage (NYSE:SSS) if

UDR (NYSE:UDR), Associated Estates (NYSE:AEC), Equity Lifestyle (NYSE:ELS), Public Storage (NYSE:PSA) and Sovran Self Storage (NYSE:SSS) were analyzed by FBR as to the effect an increase in interest rates would have on the REITs.

FBR concluded, "In recent years, REIT earnings have been goosed by the low rate environment, as companies helped themselves to healthy servings of floating-rate debt. What happens to earnings if rates rise, without any extra growth, other than what is already cooked into 2011 estimates? We ran a simple screen on the short-lease universe (apartments, student and manufactured housing, and self storage). We excluded any debt that is swapped, but included any debt that is capped, and assumed no refi activity (the latter assumption being somewhat unlikely). For some companies there could be downside to current 2011 FFO estimates; for others there is minimal risk. Below, we highlight the most and least impacted REITs, based on a 100 basis point increase in underlying rates. See page
two for a full ranking."

The following companies could see the biggest percentage decline to our forecasted 2011 FFO per share estimates in the test scenario: UDR (Market Perform) and Associated Estates Realty Corp. (Outperform, –4.1%)

The following companies could see the smallest percentage decline to our forecasted 2011 FFO per share estimates in the test scenario: Equity Lifestyle Properties (Market Perform), Public Storage (Underperform, 0%), and Sovran Self Storage (Outperform).

Why FBR Likes Equity LifeStyle Properties (NYSE:ELS)

With snowbirds set to travel south for the winter, Equity LifeStyle Properties (NYSE:ELS) should get a nice boost from the additional business.

FBR said, "As 2010 draws to a close, we are reminded that one of Equity Lifestyle Properties' core demographics is preparing to migrate to warmer climates (the November–April "season"). Despite notable YTD underperformance by the stock, several reasons remain to like the company, including: (1) likely above-average SSNOI growth, (2) CF resilience, (3) a low beta, (4) exposure to slowly improving consumer sentiment, (4) low average product price points, (5) notable expense control and margin stability, (6) continued supportive demographic trends, and (7) a broad internal growth opportunity set. That said, we maintain our Market Perform rating, with an eye to growing more constructive should valuation contract further. Below, we review recent stock performance, update our current valuation assumptions, summarize seasonal expectations, and adjust our estimates on the announcement of a noncash charge."

FBR Capital maintains a "Market Perform" on Equity LifeStyle Properties, which closed Thursday at $54.14, up $0.30, or 0.56 percent. FBR has a price target of 60 on them.