RE:Raymond James Following an Investor Day event and property tour in Montreal last week, Raymond James’ Brad Sturges cut his Minto Apartment REIT target to $19.50 from $22, keeping a “strong buy” recommendation. The average is $21.70.
“Minto offers one of the deepest NAV discounts in our coverage universe, which we believe is a partly a reflection of the REIT’s below-average trading liquidity, but provides significant value at current trading levels. Importantly, Minto noted that it could become active in selling non-core, rent-controlled buildings, and redeploying capital into new building, non-rent controlled MFR properties. As previously disclosed, Minto has explored the sale of its Edmonton MFR portfolio,” he said.