Revised Targets CIBC’s Dean Wilkinson cut his target for Tricon Residential Inc. to US$11 from US$13.35 with an “outperformer” rating. Others making changes include: Scotia’s Mario Saric to US$11.50 from US$12 with a “sector outperform” rating, Raymond James’ Brad Sturges to US$11 from US$13 with a “strong buy” rating and TD’s Jonathan Kelcher to US$11.50 from US$13 with a “buy” rating. The average is US$10.75.
“We think the near-term negative market sentiment on TCN creates a very attractive reward-risk opportunity (45-per-cent upside/15-per-cent downside), with our confidence grounded in the portfolio’s ability to generate mid-single-digit SSNOI growth over time,” said Mr. Saric.