CIBC’s Dean Wilkinson raised his target for Boardwalk REIT to $70 from $68, keeping a “neutral” rating. Other changes include: iA Capital Markets’ Gaurav Mathur to $73 from $68 with a “buy” rating, Desjardins Securities’ Kyle Stanley to $77 from $75.50 with a “buY” rating and National Bank’s Matt Kornack to $79 from $77 with an “outperform” rating. The average is $72.41.
“We believe we are still in the early days of strengthening rental fundamentals in Alberta,” said Mr. Stanley. “Despite BEI’s outperformance (32-per-cent year-to-date total return vs 10 per cent for peers) and its relative valuation that is in line with the peer average (both at 17.5 times 2024 FFO), it offers an attractive 9-per-cent and 11-per-cent annualized FFOPU and NAVPU growth profile, respectively, among the best in the apartment space.”