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BMO Upgrades Chemtrade Logistics Income Fund to Outperform, Keeps Price Target at $18.50

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BMO upgraded its rating on the units of Chemtrade Logistics Income Fund (CHE-UN.TO) back to outperform after last week's downgrade, on recent share price declines.

Analyst Joel Jackson, who maintained the $18.50 price target, believes the units now price in a "reasonable" bear case outcome at North Vancouver despite scope for the district council and the Fund to reach a compromise over the coming months. Chemtrade reported earlier this month that the council had rejected its rezoning application, which would have allowed significant safety upgrades and continued liquid chlorine production at its North Vancouver facility beyond 2030.

Jackson also slightly raised estimates on the upside from stronger caustic and sulphur/acid pricing since the Iran war began.

"Valuation remains attractive, and index inclusion remains possible," Jackson adds.

Price: $16.05, Change: $+0.40, Percent Change: +2.56%

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