TSX:HOM.DB.U - Post by User
Post by
retiredcfon Feb 09, 2022 8:07am
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Post# 34411457
Two Upgrades
Two Upgrades In advance of the March 8 release of its fourth-quarter results, Desjardins Securities analyst Kyle Stanley hiked his target for BSR Real Estate Investment Trust to US$23 from US$21, exceeding the US$20.56 average, with a “buy” rating, while Scotia’s Himanshu Gupta raised his target to US$22 from US$20.50 with a “sector outperform” rating.
“We are increasing our target ... reflecting new leasing data which significantly outpaced expectations, modest NOI [net operation income] margin expansion and updated NAV [net asset value] work. At a 4.4-per-cent implied cap rate (U.S. comps trade at 4.0 per cent), BSR offers investors a bargain entry price to a vehicle with a (1)sector-leading two-year FFO/unit CAGR [compound annual growth rate] of 26 per cent, and (2) 15-per-cent NAV/unit growth one year out. We do not believe this elevated growth profile is adequately reflected in consensus estimates.”