TSX:BTB.DB.H - Post by User
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TeamCommonSenseon Nov 06, 2024 11:20am
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Analyst update
Analyst update * RBC’s Pammi Bir raised his BTB REIT (BTB.UN-T) target to $3.75 from $3.50. Other changes include: Canaccord Genuity’s Mark Rothschild to $3.75 from $3.50 with a “buy” rating and National Bank’s Matt Kornack to $3.50 from $3.45 with a “sector perform” rating. The average is $3.64.
“On the back of in line Q3 results, our view on BTB is largely intact,” said Mr. Bir. “While occupancy took a step back on a telegraphed industrial tenant bankruptcy, overall organic growth remains in strong shape. Moreover, we see the industrial vacancy as an opportunity to drive earnings and NAV growth. On the latter point, potential successful residential rezoning at a Montreal retail property could drive additional value upside. In short, we see valuation as well-supported.”