TSX:GRT.UN - Post by User
Post by
retiredcfon Oct 20, 2023 8:31am
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Post# 35692604
BMO
BMO BMO’s Michael Markidis trimmed his Granite REIT target to $84 from $91 with an “outperform” rating. The average is $93.40.
“GRT’s U.S. development tour (October 16-18) emphasized the (1) quality of GRT’s asset base and tenant roster, and (2) strength of its team, in our view,” said Mr. Markidis. “Recent deliveries, combined with a slowdown in new leasing in certain markets, have negatively impacted U.S. segment occupancy this year (down 530 basis points to 94.4 per cent as at Q223). Further erosion is possible in the near term; however, we believe we are nearing a trough. Reflecting an expansion to our overall cap rate assumption (25 basis points, to 5.25 per cent), we’ve adjusted our target.”