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Choice Properties REIT Upgraded to Outperform at RBC

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Choice Properties REIT (CHP-UN.TO) was upgraded to Outperform from Sector Perform at RBC Capital Markets on Wednesday.

Analyst Pammi Bir raised his price target on shares of the Canadian real estate company to $17.50 from $17.

"We see the proposed $5 Billion portfolio acquisition from First Capital REIT (FCR-UN.TO) as a strategically compelling transaction that should ultimately enhance CHP's growth profile & quality," Bir said in a note to clients.

"Short-term earnings dilution and higher leverage may give some investors pause," the analyst said. "Yet, from our vantage point, CHP's recent underperformance provides patient investors an attractive entry to a name with strong leadership, a proven ability to execute, and superior cash flow durability."

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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