read the cibc report today.... for those who have not read its contents..... here is a quick rundown, its a bullish report to be sure but not outrageously so
cibc is bullish but conservative with a 4.75$ price target for 12-18 mos with a sector outperformer rating
headline of the report suggests more upside coming, leverage declining, dividends within a couple years
cibc is very bullish on the idle capacity at high level and grande prairie expansion too.... comparing the $90 million required to complete both expansions versus $600 million to start from scratch at todays prices
cibc is not worried about all the idled capacity coming back online in 2013 and 2014, 5.2 billion sqft
cibc says after the current run, most of the "easy" money is off the table but they still think there is upside with a nav of 5.20
glta