Desjardins Securities’ Gary Ho raised his target for Chemtrade Logistics Income Fund (CHE-UN-T +0.47%increase
) to $12.50 from $12, keeping a “buy” rating, ahead of the May 15 release of its first-quarter results. The average is $12.
“We believe the quarter is on track, with most chemicals performing as expected,” he said. “We increased our EBITDA estimate for 1Q to $98-million (from $96-million) and for 2024 to $410-million vs consensus and the guidance mid-point of $415-million. If its Arizona UPA project pauses longer than expected, tuck-in M&A is a possibility to put capital to work.”