TSX:MI.UN - Post Discussion
Post by
incomedreamer11 on May 10, 2021 9:29am
for your interest
With the urban, multi-family leasing market showing signs of a recovery, Raymond James analyst Brad Sturges sees “greater potential upside” for Minto Apartment Real Estate Investment Trust (MI.UN-T), leading him to upgrade it to “strong buy” from “outperform.”
“We believe Minto can offer relatively greater total return potential by capturing improving Canadian urban multifamily fundamentals,” he said. “In our view, Minto’s discount valuation to pre-covid levels provides an above-average P/AFFO multiple expansion opportunity as conditions improve, given Minto’s above-average organic growth recovery prospects that reflect greater unfurnished occupancy rate upside, and rising AMRs year-over-year.”
Seeing the demand trend starting to “showcase encouraging signs of improvement,” Mr. Sturges increased his target by $1 to $26. The average is $24.28.
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