Artis Real Estate Investment Pref Shs Series E T.AX.P.E

Desjardins Raises ; G&M

[ace1mccoy]

* In response to inline fourth-quarter results, Desjardins Securities’ Michael Markidis raised his Artis Real Estate Investment Trust (

AX-UN-T +2.32%increase

 

) target by $1 to $13.50, matching the average. He kept a “hold” recommendation.

 

“The disposition of the GTA industrial portfolio was a key driver of BVPU [book value per unit] growth last year,” he said. “The stock is trading at a material (25-per-cent) discount to this metric ($17.37); however, 50 per cent of portfolio value is attributable to office properties, most of which are in the U.S.. The disposition of certain office properties in the U.S. is a near-term focus; execution is a potential catalyst, in our view.”