TSX:GRT.UN - Post by User
Post by
retiredcfon Jul 17, 2023 8:40am
68 Views
Post# 35543789
RJ Upgrade
RJ Upgrade Raymond James analyst Brad Sturges has made three rating changes following a fresh review of the real estate investment trust sector.
Granite REIT was upgraded to “strong buy” from “outperformer.” The price target remains at C$96.00.
Mr. Sturges attributed the upgrade to a recent pull back in the unit price. “After a strong start to the year that partly benefited from capital rotation into Granite after the Summit Industrial Income REIT privatization by GIC and DIR in early 2023 YTD, Granite’s unit price has given back some ground in the past few months. We believe Granite is well positioned to generate +10-13% 2023-24E FD AFFO/unit growth YoY, driven by capturing higher in-place rents YoY, contributions from its near-term development program, and F/X tailwinds from a relatively weaker Canadian Dollar (CAD) YoY.”