Upgrades / TP RaisesSeeing “sustained tailwinds on the horizon,” Raymond James analyst Steve Hansen upgraded Chemtrade Logistics Income Fund (CHE-UN-T +5.18%increase
) to “outperform” from “market perform.” on Friday.
“We are increasing our target price on Chemtrade to $13.00 (vs. $11.00 prior) and upgrading our rating back to Outperform (vs. MP prior) based upon: 1) the company’s outsized ‘Beat & Raise’ print; 2) increased confidence in the 2023/24 outlook; and 3) the stock’s compelling valuation & total return prospects following its recent correction,” he said.
Mr. Hansen’s revised target exceeds the average on the Street of $11.36.
Others making changes include:
* CIBC’s Jacob Bout raised his target to $12 from $11 with an “outperformer” rating.
Desjardins Securities’ Gary Ho to $13 from $12.50 with a “hold” rating.