TSX:NRR.UN - Post by User
Comment by
SleepingGiant64on Dec 21, 2023 3:00pm
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Post# 35796297
RE:RE:Analysts update
RE:RE:Analysts updateDanielDarden wrote: incomedreamer11 wrote: * CIBC’s became the first analyst to initiate coverage of Northview Residential REIT (NRR.UN-T), giving it a “neutral” rating and $12 target.
Not sure where you found this as their website does not show a report. Nevertheless, I will not be surprised when $15+ targets are shown post the Q4 results. The small float is hurting the sp now as sellers are taking tax losses but they will not be selling then. Likely some sellers are spooked by the reported market cap without realizing that the market value (including the currently unlisted units) is almost $500M.
Interestingly, BEI has just raised $280M to buy assets in Western Canada (at 25X AFFO/u) when NRR trades at ~8X. Institutions are obviously in love with BEI, but I will pass at that price, instead I will be patient with NRR until the targets are reported post Q4.
Happy Holidays!
I've got the report. It makes a compelling case for a $20 valuation. Just getting some coverage alone is very bullish. Finally a break and just as all the tax-loss selling is washed out.
https://www.scribd.com/document/694107671/Northview-Initiation-CIBC