Sun Communities (SUI) has been downgraded by BofA Global Research to "Underperform" from "Neutral," with a revised price objective of $114, down from $147. The stock was trading at $124.11, down 2.37% on November 12. The downgrade follows disappointing Q3 results and ongoing governance concerns. SUI's CEO, Gary Shiffman, is set to retire in 2025, and a board member will step down by year-end, adding to the uncertainty. BofA has lowered its 2025 FFO estimates to $6.93 from $7.36 and raised the cap rate to 5.5% from 5.2%, reflecting a cautious outlook. "We expect SUI to underperform until management changes are finalized, and a clear strategic direction is laid out," BofA stated. Preliminary 2025 rental rate growth assumptions for RV and Marinas were below expectations, further impacting the investment thesis.