Scotia downgrade $23 from $31 Scotia Capital’s Kevin Krishnaratne cut his Dye & Durham Ltd. target to $23 from $31 with a “sector outperform” rating. The average is $23.90.
“We have lowered our forecasts and target to better align expectations for Dye & Durham’s real estate business (68 per cent of revenues ex-TM Group), which continues to see pressure on a rapid deterioration in transaction volumes,” he said.
“We continue to rate shares of DND Sector Outperform. The stock now trades at 6.7 times calendar 2023 EBITDA, and has potential for upside on future M&A, which could help further diversify the business away from Canadian Real Estate (43 per cent of revenue).”