TSX:SRU.UN - Post by User
Post by
martin020on Feb 22, 2022 8:31am
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Post# 34449461
Uptick from RBC
Uptick from RBC * RBC’s Pammi Bir raised his SmartCentres REIT (SRU.UN-T) target to $35, exceeding the $33.63 average, from $34 with an “outperform” rating.
“A few puts & takes with Q4 results, but our constructive view is intact,” he said. “Although recurring NOI was below our forecast, the recovery in fundamentals is firmly underway, as occupancy inches up toward pre-COVID levels & bad debts fade. SRU’s value-creation initiatives also took a big step forward, with substantial fair value gains recognized in the mixed-use development program, with further gains likely ahead. Importantly, as project deliveries ramp up, we expect the earnings growth trajectory to accelerate. In short, we see good value on offer.”