TSX:PRV.DB - Post by User
Post by
midardon Dec 20, 2021 3:41pm
320 Views
Post# 34248075
Pro REIT elevated to "outperform"
Pro REIT elevated to "outperform" 2021-12-20 08:14 ET - In the News
The Globe and Mail reports in its Saturday, Dec. 18, edition that BMO Nesbitt Burns analysts Jenny Ma and Joanne Chen expect Canadian REITs to "put up another solid year in 2022, leaving aside the strong returns in 2021 and the rise of another variant." The Globe's David Leeder writes that the analysts say: "It is our view that the improvement seen in 2021 continues in 2022, with multiple boosters supporting REIT returns. Our outlook for 2022 calls for Canadian REITs to deliver an average total return of 17 per cent. With the unpredictability of the enduring pandemic, we do not expect the path to be smooth." Ms. Ma has upgraded Pro REIT to "outperform" from "market perform" with an unchanged $7.50 share target. Analysts on average target the shares at $7.65. Ms. Ma says her upgrade reflects Pro REIT's "attractive forecast total return of 25 per cent." She adds, "Pro REIT has grown significantly through acquisition and increased its weighting to the industrial asset class to two-thirds of cash flow. Its concentration in secondary industrial markets such as Dartmouth (Halifax), Winnipeg, and Moncton position it well to benefit from strong fundamentals observed across the board for industrial assets."