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retiredcfon Oct 23, 2023 12:13pm
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Raymond James
Raymond James After a tour of its recently built industrial facility development projects south of the border, Raymond James’ Brad Sturges lowered his Granite REIT (GRT.UN-T) target to $90 from $94, keeping a “strong buy” rating. The average is $93.40.
“While Granite may carry greater transitional vacancy in 2H23, we believe the successful lease-up of Granite’s U.S. vacancies may act as a near-term positive unit price catalyst,” he said. “Granite remains positioned to generate above-average AFFO/unit growth year-over-year, in our view, based on embedded contractual rent bumps, and strong rent spreads realized in Granite’s new and renewal leasing.”