Desjardins Securities analyst Kyle Stanley trimmed his price target on Flagship Communities REIT (MHC-U-T) following a tour last week of its MHC and RV resorts in Cincinnati and northern Kentucky. Flagship is the only pure-play, Canada-listed REIT that is focused on U.S. manufactured housing communities.

“The tour reinforced our view that Flagship is well-positioned to weather economic headwinds given (1) its relative affordability; (2) its highly stable cash flow profile; and (3) its 4–5% revenue growth potential,” Mr. Stanley said in a note.

But he reduced his multiple on Flagship Communities to reflect its limited trading liquidity and public float, “two restricting factors in periods of heightened market volatility.” As a result, his price target was cut to US$22.50 from US$24.00.