Raymond JamesI previously had them with a US$17 target so these may be USD targets. GLTA
08:02 AM EDT, 10/13/2022 (MT Newswires) -- Raymond James lowered its price target on Tricon Residential Inc. (TCN.TO, TCN) to $15 from $16.50 on Thursday.
Analyst Brad Sturges maintained a Strong Buy rating on shares of the Canadian real estate company after it announced an agreement to sell its 20% equity interest in its US Sunbelt multifamily rental (MFR) portfolio.
Sturges said Tricon will have greater liquidity to fund its near-term US SFR JV Equity Commitments, the transaction alleviates possible investor concerns, and it removes a potential overhang for the stock.
"Tricon plans to use the net proceeds to repay outstanding debt drawn from its existing credit facilities, which will provide the company additional liquidity to fund its SFR JV equity commitments over the next year when including its existing liquidity sources and retained annual AFFO after dividends," the analyst said in a note to clients.