Not surprising given these incredibly volatile markets but analysts are being extremely cautious. GLTA
Desjardins Securities’ Michael Markidis cut his Dream Industrial Real Estate Investment Trust target to $18 from $18.50 with a “buy” rating, while Canaccord Genuity’s Mark Rothschild reduced his target to $16.50 from $19 with a “buy” rating. The average is $18.93.
“DIR reported solid 1Q22 results,” Mr. Markidis said. “Revisions to our FFOPU [funds from operations per unit] outlook and NAV are not material; however, we have trimmed our target to reflect heightened yield curve volatility and the potential impact on property values. Conservative leverage and an above-average earnings growth outlook (two-year FFOPU CAGR of 7–8 per cent) are favourable attributes in an inflationary environment, in our view.”