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Following the completion of the creation of Brookfield Business Corp., National Bank Financial’s Jaeme Gloyn cut his target for Brookfield Business Partners L.P (BBU-N, BBU.UN-T) to US$39 from US$68 with an “outperform” recommendation. The average is US$56.38.
“The creation of BBUC achieves two main objectives: (i) potential to expand the investor base as some investors are prevented from purchasing LP units; and (ii) open doors to broader index inclusion,” he said.
“BBU’s diversified portfolio of companies across sectors/geographies continues to deliver solid results, recovering nicely from pandemic impacts. In addition, we hold a favourable view of BBU’s recent flurry of acquisition activity (SG Lottery, DexKo and Modulaire), including the eventual launch into the technology sector. We anticipate BBU’s ongoing successful execution/integration will drive the shares higher.”
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