OTCPK:SMMCF - Post Discussion
Post by
junglejames on Aug 12, 2021 9:06am
analyst upgrades following Q2 results
Mr. Wilkinson increased his Summit Industrial Income REIT (
increase) target to $21.50 from $18, keeping a “neutral” rating. Others making changes include: Desjardins Securities’ Michael Markidis to $22.50 from $19 with a “buy” rating; BMO’s Joanne Chen to $22 from $18.50 with an “outperform” rating; Canaccord’s Mark Rothschild to $21.75 from $18.25 with a “hold” rating and Raymond James’ Brad Sturges to $23 from $20 with an “outperform” rating. The average is $20.13.
“Our fundamental outlook for Summit remains bullish and we expect the REIT to continue benefitting from rising rental rates for industrial space in its core markets. However, with the units currently trading at an 11.0-per-cent premium to NAV and at an implied cap rate of 3.7 per cent, we believe this value is largely reflected in the unit price,” said Mr. Rothschild.
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