Raymond James Raymond James’ Brad Sturges moved his Tricon Residential Inc. target to US$17 from US$18.50, above the US$16.67 average, with an “outperform” rating.
“We expect that Tricon’s U.S. initial public offering (IPO) completed in late 2021 may somewhat constrain its 2022 AFFO/share growth year-over-year,” he said. “However, we expect the company’s 2023E AFFO/share growth year-over-year to accelerate, driven by solid organic growth prospects, a growing management fee income stream with greater 3rd-party assets under management (AUM), and due to expected expansion in its U.S. SFR portfolio by 60 per cent from 31k homes at March 31 to 50k homes by 2024E