TSX:GRT.UN - Post by User
Post by
retiredcfon Oct 19, 2023 10:01am
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Post# 35690701
Scotia Capital
Scotia Capital Following a recent tour of its properties in the United States, Scotia Capital’s Himanshu Gupta trimmed his target for Granite REIT to $88 from $91 with a “sector outperform” rating. The average is $95.50.
“We came back incrementally positive on GRT and reiterate our SO rating,” he said. “We were impressed with the quality of the portfolio, selection of sub-markets and emphasis on tenant quality. We think GRT has a well-established operating platform across U.S. (and in Canada and Europe) and noticed ‘bench strength’ of the management team.”
“Despite weaker macro and higher bond yields, we stick to the basics and note that GRT can generate superior AFFOPU [adjusted funds from operations per unit] growth at a lower leverage and yet trades at a valuation similar to REIT sector.”