Upgrade BMO’s Stephen MacLeod raised his Tricon Residential Inc. target to $23 from $22.50, exceeding the $20.95 average, with an “outperform” rating.
“We came away from Tricon’s investor day with confidence in its SFR [single-family rental] growth opportunities, differentiated partnership model and power of its tech-enabled operating platform,” he said. “We believe Tricon is well-positioned to drive 15-per-cent annual core FFOPS [funds from operations per share] growth through 2024, with sufficient liquidity and growth tailwinds. We believe that creeping negative sentiment towards the industry is misplaced; as it relates to Tricon, overlooking its role as a housing provider and contributor to housing supply. We see a long runway for growth.”