Alaris Equity Partners Income 6 25 Senior Unsecured Debentures T.AD.DB.A

Desjardins Raises Target

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In a separate note, Desjardins Mr. Ho bumped his Alaris Equity Partners Income Trust target to $22 from $21 with a “buy” rating. The average is $21.31.

“AD reports after market on November 5,” he said. “We expect FV gains as lower discount rates benefit valuations. The portfolio remains healthy, with particular strength in Fleet and solid performance from BCC and Ohana, offset by SCR and Heritage. We increased our 3Q estimates, assuming better common distributions and higher FV marks ... The units trade at an attractive 0.84 times P/BV, with a 7.2-per-cent dividend yield.”