2016-02-08 > Scotia maintains $2.75 AR Target price
. AR continues to trade at a discount, with a 0.34x P/NAV multiple vs. peers at 0.81x. We note that at these prices levels AR shares are trading below our spot value of operating and corporate assets (~$1.00/sh) with no value ascribed for three advanced-stage development projects. We maintain our Sector Outperform rating and C$2.75 price target.