Scotia Capital Raise Target Scotia Capital’s Mario Saric bumped his target for Tricon Residential Inc. to US$15.25 from US$14.75, maintaining a “sector outperform” recommendation. The average is US$14.53.
“We remain buyers of TCN, with our TP +$0.50 to $15.25 (approximately C$19.75) on a $0.75 jump in our Current NAVPS to $14.25 (C$18.25); Forward NAVPS is flat at $16.00 so we gave TCN the benefit of the doubt on $0.125,” he said. “We think that benefit is warranted post another strong print (Exhibits 10-13) that beat CAD multi-family results, while we also liked TCN tackling expressed investor concerns (funding acquisitions, defensiveness of SFR, and impact of rising rates on guidance/acquisition accretion).”