Two Upgrades CIBC’s Jamie Kubik bumped up his Freehold Royalties Ltd. target by $1 to $13 with an “outperformer” rating, while iA Capital Markets’ Elias Foscolos increased his target to $13 from $12.50 with a “buy” recommendation. The average is $12.23.
“With another dividend increase and three transactions since quarter-end, Freehold is heavy on the accelerator adding to its highly prospective portfolio both in Canada and the US. With producer capital commitments and growth forecast from all three areas, we are boosting our 2022 production estimate, which drives an increase in EBITDA in 2022,” said Mr. Foscolos.