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Diversified Royalty Corp Price Target Raised at CIBC, Desjardins

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Analysts at CIBC Capital Markets and Desjardins raised their price targets on Diversified Royalty Corp. (DIV.TO) to $4.70 from $4.25, and to $4.75 from $4.50, respectively.

CIBC analyst Ty Collin maintained a Neutral rating on shares of the Vancouver-based multi-royalty corporation.

"DIV's acquisition of Mr. Lube provides it with more exposure to its best-performing asset, and allows it to capture the full value of strong growth and operating leverage within the franchisor business," Collin said in a note to clients.

Desjardins analyst Gary Ho maintained a Buy rating on the stock.

"1Q results were modestly below expectations, driven by softer Mr. Lube (ML) SSSG of 3.0% (vs our 7.2%)," Ho said in a note to clients.

"We favour ML's proven track record and store growth catalysts, although ~4.5x PF leverage is worth monitoring."

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