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Inside the Market’s roundup of some of today’s key analyst actions

Desjardins Securities analyst Benoit Poirier thinks SNC-Lavalin Group Inc.’s (SNC-T) “transformation is progressing in the right direction, thanks to strong execution.”

“We are very pleased with SNC’s 1Q results, which demonstrated solid execution at SNCL Engineering Services and an efficient rundown of the LSTK [lump sum turnkey] backlog,” he said in a research note released Monday. “With the completion of the last Resources LSTK project in sight and the divestiture of the Oil & Gas business on track to close in 2Q, we believe investors should start revisiting SNC ahead of a potential re-rating in the latter part of 2021.”

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On Friday before the bell, the Montreal-based firm reported first-quarter financial results that exceeded the expectations on the Street, due largely to its SNCL Engineering Services segment, which Mr. Poirier said has a “bright” outlook.

“Management continues to expect SNCL Engineering Services revenue to increase in the low single digits in 2021 (consensus and our forecast was up 3.0 per cent), with an adjusted EBIT margin of 8–10 per cent (consensus and our forecast was 9.1 per cent),” he noted. “We are encouraged by the solid book-to-bill ratio of 1.15 times reported by the segment in 1Q, which bodes well for the remainder of the year.”

After a sixth consecutive operating cash flow beat, Mr. Poirier thinks SNC is positioning the business to start deploying capital toward growth in 2022, adding: “We believe management’s strong focus on execution throughout the remainder of 2021 should ideally position the business to consider deploying capital toward M&A and/or share buybacks to unlock shareholder value — an important milestone in SNC’s transition as an engineering services company.”

He sees SNC’s Sept. 28 Investor Day as “a catalyst for the story,” expecting an update on that growth and capital development strategy.

After raising his core earnings per share projections through 2023, he bumped up his target for SNC shares to $44 from $37, keeping a “buy” recommendation. The average on the Street is $36.65.

“We expect a further re-rating as SNC delivers strong adjusted EBITDA and FCF, demonstrating the full potential of its Engineering Services business,” Mr. Poirier said.

Elsewhere, Raymond James analyst Frederic Bastien upgraded SNC to “outperform” from “market perform” with a $40 target, up from $25.

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“Should we have moved to Outperform earlier this year to capture the shares’ recent run-up? Perhaps. Do we regret it? Not at all,” he said. “Since our Jan. 29, 2019 downgrade ... SNC is still down 8 per cent whereas its closest Canadian peers and longstanding RJL favourites, WSP Global and Stantec, have returned 118 per cent and 76 per cent to their respective shareholders. We may be late coming to the party, but we are doing so with the conviction that there are fewer sharp objects for management to walk into and the stock has a lot left in the tank.”

Other analysts making target changes include:

* TD Securities’ Michael Tupholme to $40 from $33 with a “buy” rating.

“We continue to be constructive on SNCL Engineering Services’ outlook (SNC’s future focus). Although LSTK project run-off risks remain (particularly in Infrastructure EPC Projects): 1) we are encouraged by the performance of SNCL Projects in Q1/21 (i.e., no significant negative surprises) and 2) we see these run-off risks as more than adequately priced into the stock. Even after considering the 16-per-cent gain in SNC’s stock price following the Q1/21 results, we view SNC’s valuation as compelling,” said Mr. Tupholme.

* BMO Nesbitt Burns’ Devin Dodge to $31 from $28 with a “market perform” rating.

“While Q1 results were a welcome reprieve from the extended string of challenging financial performance, more is needed. We continue to believe there is elevated risk of adverse developments on the wind-down of its LSTK operations, and recommend that investors focus on cash flows to assess the wind-down of this business. In our view, the risk/reward is not compelling,” said Mr. Dodge.

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* Scotia Capital’s Mark Neville to $44 from $39 with a “sector outperform” rating.

“We have made modest revisions to our forecasts post–Q1 results,” said Mr. Neville. “With risks having been significantly reduced following recent actions taken by management (i.e., selling O&G, taking large provisions on the remaining LSTK backlog, etc.) the story, in our opinion, has become much ‘cleaner’ – as evidenced by Q1/21 results. In fact, we find ourselves asking the question – is this the quarter when the narrative shifts to the upside opportunity and away form the downside risks? Having seen proof of the de-risking, at least initial signs of it, we are more willing to assign a higher, more appropriate multiple to the Engineering Services (ES) business – while still using a discount (to Canadian comps) as cash generation is less consistent

* ATB Capital Markets’ Chris Murray to $42 from $39 with an “outperform” rating.

* Canaccord Genuity’s Yuri Lynk to $44 from $40 with a “buy” rating.

* National Bank Financial’ Maxim Sytchev to $44 from $36 with an “outperform” rating.

* CIBC’s Jacob Bout to $40 from $34 with an “outperformer” rating.

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* RBC Dominion Securities’ Sabahat Khan to $40 from $33 with an “outperform” rating.

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In response to a “positive start to a transition year,” ATB Capital Markets analyst Chris Murray raised his rating for Bombardier Inc. (BBD.B-T) to “speculative buy” from “sector perform.”

“Bombardier delivered better-than-expected Q1/21 results, which represented the Firm’s full first quarter as a pure-play business jet company,” he said. “Revenue of $1.3-billion and Adjusted EBITDA of $123.0-million increased 18 per cent (like-for-like) and 43 per cent year-over-year, respectively reflecting solid delivery activity (i.e., 26 aircraft) in the quarter with a more optimal mix and an improving cost structure contributing to (year-over-year) margin expansion. After posting a solid start to the year, management reiterated its full-year guidance, which calls for revenue and

Adjusted EBITDA of $5.6-billion and greater than $500-million, respectively in 2021.”

Based on the results and a “more positive view” of the company, Mr. Murray said he’s revisiting his thesis on the Montreal-based company, citing “lower debt levels, an upswing in the cycle and a strong product portfolio all positives.”

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“Overall, we see the balance of probabilities based on existing conditions as being generally in the Company’s favour in coming years,” he said.

His target for Bombardier shares rose to $1.15 from 85 cents. The average is 87 cents.

“We believe investor sentiment needs to be addressed,” said Mr. Murray. “After several years of missteps, changes, management teams, near-bankruptcy, communication issues, index removals and the like, investors may be hesitant to return to owning the name. While we do not see the stock as fundamentally broken, it may take some time before the story moves out of the high-risk special situations bucket of investments, returning to a still cyclical but investible story.”

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Following a “generally solid” first quarter on the back of strong zinc prices, Canaccord Genuity analyst Dalton Baretto raised Trevali Mining Corp. (TV-T) to “hold” from a “sell” recommendation.

“Operating results were largely in line with our estimates - zinc production was modestly lower but costs were in line,” he said. " Operating (and therefore financial) performance is expected to improve over the rest of the year on higher production from Caribou, lower costs, and more by-product shipments.”

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“Given the ongoing strength in the zinc price, lower TCs for 2021, generally solid operating performance and improving balance sheet, we are upgrading TV.”

Mr. Baretto increased his target to 25 cents a share from 18 cents. The average on the Street is 30 cents.

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Pointing to “a strong balance sheet, significant liquidity and reasonable valuation,” Desjardins Securities analyst Michael Markidis sees Canadian Apartment Properties Real Estate Investment Trust (CAR.UN-T) as a “core holding.”

“CAR does not have the same degree of upside potential to a reopening as certain multifamily peers, in our view; however, we still believe it can deliver a three-year FFOPU CAGR [funds from operations per unit compound annual growth rate] of approximately 4 per cent through 2023,” he said.

Mr. Markidis was one of several analysts on the Street to raise his target price for the Toronto-based REIT following the release of largely in-line financial results for the first quarter

“Same-property occupancy ended 1Q21 at 97.2 per cent (down 100 basis points),” he said. “Compared with certain peers, the degree of occupancy slippage experienced by CAR over the past year has been less pronounced. We believe this reflects (1) locational attributes/ tenant mix, and (2) management’s willingness to give a bit more on rates in the short term. Regarding the latter, same-property occupied AMR [average monthly rent] was up 1.9 per cent year-over-year and turnover spreads during 1Q21 were only 3.4 per cent. We believe the pandemic impact is temporary, not structural. As lockdowns are lifted and students/young professionals who gave up their accommodation subsequent to the pandemic begin to re-form households, occupancy should improve and pricing power should firm.

Though he trimmed his 2021 and 2022 financial projections based on “more conservation” assumptions of higher expenses and interest, Mr. Markidis hiked his target to $62 from $57, keeping a “buy” rating. The average on the Street is $59.94.

Other analysts making changes include:

* iA Capital Markets’ Frédéric Blondeau, who called its post-pandemic optionality “exceptionally solid,” to $65 from $59.50 with a “buy” rating.

* BMO Nesbitt Burns’ Joanne Chen to $62 from $59 with an “outperform” rating.

“We continue to believe the resiliency of CAR.UN’s mid-tier portfolio in Canada’s suburban markets and its diversified scale and platform will support the REIT through this extended recovery. We expect overall earnings growth to be further augmented by CAR.UN’s ability to take advantage of acquisition opportunities,” said Ms. Chen.

* Canaccord’s Mark Rothschild to $62.50 from $59 with a “buy” rating.

“Although cash flow per unit was relatively stable year-over-year, Canadian Apartment Properties REIT (CAP REIT)’s Q1/21 results highlight the softening in demand for rental apartments in many Canadian markets over the past year,” he said. “Though the long-term outlook, underpinned by a return to robust levels of immigration to Canada, remains positive, in the near term, vacancy has increased and leasing spreads on new leases have dropped significantly. At the same time, government controls on rent increases have become stricter. Our bullish view on CAP REIT remains though, largely based on two factors. 1) we expect immigration to recover over the next year, which along with university students returning to in-person classes, should lead to an improvement in occupancy and result in greater leasing spreads, and 2) investor demand for rental apartment properties is extremely strong and there has been additional downward pressure on cap rates.”

* CIBC’s Dean Wilkinson to $60 from $56 with a “neutral” rating.

* Raymond James’ Brad Sturges to $67 from $61 with an “outperform” rating.

* National Bank Securities’ Matt Kornack to $65.50 from $65 with an “outperform” rating.

* TD Securities’ Jonathan Kelcher to $67 from $63 with an “action list buy” rating.

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Scotia Capital analyst Orest Wowkodaw thinks Capstone Mining Corp.’s (CS-T) Santo Domingo Project is “now too valuable to ignore” following several “material recent de-risking transactions” at both the asset and corporate level and touting “the right Cu-Fe price environment.”

“Our base case estimates now assume that the SD project enters construction at the end of 2021/early 2022 at a 70-per-cent ownership level, with first production in late 2024,” he said in a research note released Monday. “Overall, the addition of the SD project has increased our corporate 8% NAVPS to $6.72 per share, or by 37 per cent. Most important, we believe that CS can develop the SD project with minimal risk to the balance sheet.”

Mr. Wowkodaw sees little current balance sheet risk, calling Capstone’s “pristine” following the first quarter with net cash of $32-million.

“Two recent infrastructure outsourcing transactions have reduced SD’s estimated capex to $1.1-billion (from $1.5-billion),” he added. “After factoring in $0.5-billion in future project debt and a recent $290-million Au stream, we estimate CS’s attributable (70-per-cent) project equity contribution at a very manageable $261-million. We conservatively assume a 20-per-cent capex overrun and only $120-million of proceeds for the 30-per-cent stake. We forecast strong 2021-2024 FCF (before growth capex) of $858-million and a peak net debt of only $89-million.”

Mr. Wowkodaw reaffirmed Capstone as a “Top Pick” and kept a “sector outperform” rating citing “an attractive valuation, peer-leading Cu growth and leverage, and several anticipated catalysts.”

His target rose to $7.25 from $6. The average is $6.40.

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BMO Nesbitt Burns analyst Étienne Ricard expects the coming year for Morneau Shepell Inc. (MSI-T) to be “rich in financial performance improvement,” pointing to “accelerating organic growth, declining leverage, and rising free cash flow.”

“The stock’s current valuation offers a compelling entry point, in our view, with rising free cash flow conversion supporting the case for a narrowing valuation gap to peers. We view the risk-reward profile as attractive,” he said.

Mr. Ricard emphasized the firm’s organic growth tailwinds after a first quarter that saw a 7.1-per-cent rise.

”In particular, recurring technology revenue (50 per cent of mix) growth is accelerating (up 15.6 per cent), building on 2020 momentum (up 9 per cent),” he said

Seeing its leverage profile improving and calling its current valuation “undemanding,” he raised his target for its shares to $40 from $38 with an “outperform” rating. The average target is $39.40.

“Rising free cash flow conversion could act as catalyst,” he said. “MSI’s current valuation (12.7 times EBITDA) remains at a historically wide 3-times discount to peers. We believe the stock has potential to narrow this gap as free cash flow conversion improve.”

“Morneau Shepell offers a long-term mid-single-digit organic revenue growth profile complemented by a highly recurring revenue mix (96 per cent), providing defence in periods of elevated economic volatile.”

Elsewhere, Scotia’s Phil Hardie raised his target to $37 from $36 with a “sector outperform” rating.

“Investors reacted positively to MSI’s first-quarter results that highlighted a strong organic growth rate with management noting that it continues to convert strong sales from last year into revenues, and ended the quarter with a record-high sales pipeline. We believe these trends bode well for the earnings outlook and support our ‘defensive growth’ thesis for the stock,” said Mr. Hardie.

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In the wake of a 4.6-per-cent share price jump on Friday following stronger-than-anticipated quarterly results, a group of analysts raised their target prices for shares of Onex Corp. (ONEX-T).

Those making changes include:

* CIBC World Markets’ Nik Priebe to $100 from $94 with an “outperformer” rating.

“NAV growth was a bit better than expected in Q1, driven by the private marks and growth in the value of unrealized carry,” he said. “This continues to demonstrate our thesis that Onex’s NAV should participate in the growth of equity and credit markets, unencumbered by underperforming portfolio companies or pandemic-related headwinds. Asset mix looks encouraging with a below-average cash allocation that should support the growth outlook going forward.”

* Scotia Capital’s Phil Hardie to $102 from $89 with a “sector outperform” rating. The average is $99.52.

“Onex started off 2021 with a continuation of a number of positive key trends that have been prevalent over the last few quarters and have supported a solid rebound in the stock price,” he said. “These include: 1) solid sequential NAV growth; and 2) improved investment performance. The stock has rebounded strongly from recent lows, benefiting from both, solid growth in NAV/sh and narrowing of the discount from abnormally wide levels in 2020. That said, we believe valuation remains attractive with the stock trading at a forward enterprise NAV discount of 28 per cent.”

* Canaccord Genuity’s Scott Chan to $100 from $93 with a “buy” rating.

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In other analyst actions:

* Citing “ongoing challenges” at its Sugar Zone mine, Haywood Securities analyst Pierre Vaillancourt lowered Harte Gold Corp. (HRT-T) to “hold” from “buy” with a 16-cent target, down from 30 cents.

“The Sugar Zone mine very much remains a work in progress, as HRT makes more adjustments to the operating plan,” he said. “In the meantime, the company will undertake a strategic process to explore, review and evaluate a broad range of alternatives focused on ensuring financial liquidity and to fund life-of-mine capital. This includes the restructuring of its long-term debt and reviewing other potential strategic alternatives. While we believe in the long term potential of the Sugar Zone mine, we are cautious for now, at a time when the company refinances to complete mine development and achieve commercial production.”

* In the wake of a “strong” first quarter, Canaccord Genuity analyst Robert Young hiked his target for shares of Pollard Banknote Ltd. (PBL-T) to $60 from $55, keeping a “buy” rating. The average is $55.75.

“The Q1 press release echoed recent peer reporting of strong underlying lottery trends in North America, with instant ticket witnessing strong retail demand and signs of rebound in Charitable and Diamond Game, driven by reopening in the U.S.,” he said. “Impressively, Pollard’s share of NPi ilottery revenue was up 825 per cent year-over-year and 62 per cent sequentially, underscoring the bullish expectations around iLottery. This more than offset Michigan ilottery revenue which was flattish QoQ after a strong pandemic surge in Q2/20. Overall we have a positive view on iLottery and the overall lottery and pulltabs market. On balance, our estimates for lottery and ilottery are bumped higher with this note. ... Pollard Banknote is no longer cheap, in our view, but we think it is a predictable and profitable growth story complemented by regular M&A.”

* CIBC World Markets Scott Fromson raised his Park Lawn Corp. (PLC-T) target to $39 from $37 with an “outperformer” rating, while Scotia Capital’s George Doumet increased his target to $39 from $38 with a “sector outperform” rating and RBC’s Irene Nattel hiked her target to $43 from $39 with an “outperform” rating. The average on the Street is $40.61.

“Our investment thesis on PLC is playing out as anticipated, with solid underlying organic growth augmented by M&A contribution, and transient pandemic-related lift in both pre-need call volume and at-need demand,” said Ms. Nattel. “Strong Q1/21 results reinforce our constructive view on the stock, with our Outperform rating predicated on sector-leading earnings growth, and underpinned by favorable demographic trends and a long tail of consolidation opportunities.”

* CIBC’s John Zamparo cut his Aurora Cannabis Inc. (ACB-T) target by $1 to $8, keeping an “underperformer” rating, while Stifel’s W. Andrew Carter lowered his target to $6.50 from $7.80 with a “sell” recommendation. The average is $8.93.

“While medical revenue was stable with Aurora outlining a confident approach, the challenges in the Canadian adult use market drove a 50-per-cent year-over-year decline in Consumer sales with Aurora’s market shares losses amplified by the market challenges,” said Mr. Carter. “We believe Aurora is outlining a pragmatic approach to stabilizing the Canadian adult use business focusing on increased quality, premium brands, and strengthened capabilities while enjoying the financial resources to patiently execute this strategy with newly announced cost savings providing added flexibility. But we believe the structural difficulties of the Canadian market will at best delay stabilization, and absent evidence of a stronger performance, we believe the shares will be under consistent pressure.”

* CIBC’s Dean Wilkinson raised his H&R Real Estate Investment Trust (HR.UN-T) target by $1 to $17 with an “outperformer” rating. The average is $16.25.

“We expect an interim drag on H&R operations from specific areas in the portfolio (i.e., vacancy and lower renewals at Jackson Park, tenant incentives in office, and retail closures). However, we do see some green shoots on the horizon, particularly in retail and Jackson Park, both of which should start to recover from mandated closures and temporary softening in high-density residential markets, respectively. Similarly, softness in the office segment largely stems from the decision to strategically procure a long-term lease extension, allowing for better cash flow visibility,” said Mr. Wilkinson.

* CIBC’s Jacob Bout cut his Farmers Edge Inc. (FDGE-T) target to $20 from $23 with an “outperformer” rating, while National Bank’s Richard Tse reduced his target to $20 from $25 with an “outperform” recommendation and Canaccord’s Doug Taylor shrunk his target to $20 from $25 also with an “outperform” rating . The average is $18.75.

“We consider Farmers Edge one of the few pure play digital agriculture names, warranting a premium valuation,” said Mr. Taylor. “Our lower target reflects the increased forecast risk associated with the seasonality in FDGE’s model, but we do believe the recent sell off represents an interesting entry point given the stock’s attractive growth and thematic qualities.”

* TD Securities analyst Jonathan Kelcher raised his Boardwalk Real Estate Investment Trust (BEI.UN-T) target to $50 from $48 with a “buy” rating, while Laurentian Bank Securities’ Yashwant Sankpal increased his target by $1 to $46 also with a “buy” rating. The average is $43.80.

“BEI continues to deliver steady results, despite the pandemic and a weak oil price environment. This was BEI’s 12th consecutive quarter of FFO/unit growth. However, Boardwalk continues to trade as a proxy to the Alberta economy and the WTI price ... As a result, despite Boardwalk’s performance over the last three years, its conservative leverage & payout ratios, a significant amount of liquidity on its balance sheet, and its aligned management team, Boardwalk trades at the lowest 2021 P/FFO multiple in the Canadian apartment sector,” said Mr. Sankpal.

* RBC Dominion Securities analyst Geoffrey Kwan raised his Power Corporation of Canada (POW-T) target to $40 from $36 with a “sector perform” rating, while Desjardins Securities’ Doug Young bumped up his target to $42 from $41 with a “buy” recommendation. The average is $41.38.

“We are encouraged by the actions to simplify the corporate structure and improve communication, and we view valuation as attractive,” said Mr. Young.

* RBC’s Matt Logan increased his Tricon Residential Inc. (TCN-T) target to $15 from $14.50 with an “outperform” rating, while Scotia Capital’s Mario Saric bumped up his target to $15.25 from $15 with a “sector outperform” rating and National Bank’s Tal Woolley moved his target to $14.50 from $14 with an “outperform” recommendation. The average is $15.08.

* RBC’s Pammi Bir raised his Slate Grocery REIT (SGR.UN-T) target to $10.25 from $9.75, exceeding the $9.90 average, with a “sector perform” recommendation.

“Notwisthanding Q1 results that were modestly below our call, our outlook on SGR continues to incrementally improve. Operationally, an accelerating re-opening of the U.S. economy has provided a tailwind for leasing, with a sizeable pipeline of committed deals set to drive stronger organic growth. Creative NOI growth initiatives should also yield some extra juice over the next few years. Meanwhile, strong investment demand for grocery anchored strips could register incremental NAV upside in the coming quarter,” he said.

* Mr. Bir also raised his CT Real Estate Investment Trust (CRT.UN-T) target to $17.50 from $16 with a “sector perform” rating. The average is $17.11.

“CT REIT’s portfolio of predominantly net-leased Canadian Tire stores continues to deliver resilient results, notwithstanding the tremendous disturbance across the retail landscape over the past year. Indeed, the pandemic has seemingly reinforced its largest tenant’s need for more space, not less. As we look ahead, we believe the REIT remains well-positioned to execute a straight forward strategy that should continue to deliver steady, predictable growth. At current levels, we see valuation as well supported,” he said.

* RBC’s Walter Spracklin increased his target for Exchange Income Corp. (EIF-T) to $42 from $41 with an “outperform” rating, while TD Securities’ Tim James raised his target to $48 from $46 with a “buy” rating and ATB Capital Markets’ Chris Murray moved his target to $53 from $50 with an “outperform” recommendation. The average is $44.72.

“We are coming away incrementally more positive on the EIF shares following solid Q1/21 results and flag two key catalysts on the horizon: 1) the removal of government-imposed travel restrictions; and 2) a material acquisition (potentially before year-end). We see these two catalysts, coupled with encouraging recent trends at Regional One and continued resilient cash flow generation, as offering investors an enticing blend of upside potential and downside protection as Exchange exits the pandemic,” said Mr. Spracklin.

* TD’s Bentley Cross lowered his Boat Rocker Media Inc. (BRMI-T) target to $9.50 from $11.50, maintaining a “buy” rating. The average is $11.50.

* Scotia’s Konark Gupta cut his target for Westshore Terminals Investment Corp. (WTE-T) to $19.50 from $21 with a “sector perform” rating. The average is currently $21.60.

“We are reducing our target ... driven largely by reduced guidance for 2021 average loading rate,” he said. “Our 2021 EBITDA estimate has increased slightly, however, on revised volume guidance but our 2022-2023 estimates have declined on revised pricing guidance. We maintain our Sector Perform rating given limited return to our target and we expect FCF to decline year-over-year through 2023. We are also lacking visibility on potential catalysts in the long term (e.g., privatization or commodity diversification).”

* Canaccord’s Brendon Abrams increased his Smart Centres Real Estate Investment Trust (SRU.UN-T) target to $33 from $28.25 with a “buy” rating. The average is $28.82.

“Overall, our outlook for SmartCentres remains largely unchanged following the quarter,” said Mr. Abrams. “The REIT’s core retail portfolio continues to perform well with collections averaging 94 per cent during the quarter, although the leasing environment remains relatively bifurcated between the REIT’s larger, essential needs tenants and smaller, non-essential tenants. This was reflected in the slightly negative (0.7 per cent) lease renewal spread in the quarter when excluding anchor tenants. We would expect this trend to continue for the next few quarters as non-essential tenants remain impacted by government restrictions in most provinces. With the worst of the impact from the pandemic in the past, we believe investors are now most focused on the value to be created by the SmartCentres’ development initiatives where it continues to make strong progress. While the unit price has rallied over the past year, we still do not believe the current unit price reflects much, if any, of the potential value from its development pipeline.”

* Canaccord’s Mark Rothschild hiked his WPT Industrial Real Estate Investment Trust (WIR.U-T) target to US$18.25 from US$16.75 with a “buy” rating, while CIBC’s Dean Wilkinson increased his target to US$18.50 from US$17 with an “outperformer” recommendation, Raymond James’ Brad Sturges raised to $18.75 from $16.75 with an “outperform” rating and Scotia Capital’s Himanshu Gupta bumped his target to US$18 from US$16.50 with a “sector perform” rating. The average is US$16.86.

* Scotia Capital analyst Himanshu Gupta raised his Automotive Properties Real Estate Investment Trust (APR.UN-T) target to $13.50 from $12 with a “sector outperform” rating. The average is $12.52.

* Mr. Gupta raised his Sienna Senior Living Inc. (SIA-T) target to $16.50 from $15 with a “sector perform” rating. The average is $15.03.

* Scotia’s Mario Saric increased his target for Northwest Healthcare Properties Real Estate Investment Trust (NWH.UN-T) to $14.50 from $14, exceeding the $13.54 average, with a “sector outperform” rating, while BMO’s Joanne Chen raised her target to $13.75 from $13.25 with a “market perform” recommendation.

“We continue to believe the JV structure allows NWH.UN to acquire high-quality properties on an accretive basis, and should support ongoing NAV growth. Furthermore, we continue to view favorably the REIT’s steady cash flow stream (with rent indexation) from management fees on assets,” said Ms. Chen.

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