Inside the Market’s roundup of some of today’s key analyst actions
While its fourth-quarter results exceeded his expectations, RBC Dominion Securities analyst Darko Mihelic continues to “struggle a little” with the investment case for Bank of Nova Scotia (BNS-T), saying he can justify a higher target multiple but believes “its valuation should be below the group average given lower returns with higher risk premia.”
Scotia shares rose 2.8 per cent on Tuesday after it reported quarterly adjusted earnings per share of $1.93, exceeding both Mr. Mihelic’s $1.87 estimate and the consensus forecast on the Street of $1.85. He attributed the beat largely to better-than-anticpated Global Banking and Markets (GBM) and Canadian Banking results, partially offset by lower-than-expected earnings in International Banking.
“The bank expects to generate ‘strong’ earnings growth in 2026 excluding the impact of divestitures, benefiting from lower provisions for credit losses (PCLs) partially offset by a higher tax rate,” said Mr. Mihelic. “The bank suggested revenue growth, excluding the impact of divestitures, will be driven by growth in both net interest income (NII) and non-interest revenue. BNS expects higher net interest income to be driven by both loan and deposit growth and net interest margin (NIM) expansion and expects non-interest revenue to grow across all business segments. The bank also expects modest expense growth, excluding the impact of divestitures, as it expects technology spend will be partly offset by the benefit from productivity initiatives. BNS expects to generate positive operating leverage in 2026. BNS shared additional detailed guidance for 2026 ... We found the impaired PCL ratio guidance for 2026 suggests a smaller credit moderation than what we were hoping for.”
In a client note titled Turning to growth for 2026, Mr. Mihelic reduced his estimates for Scotia’s International Banking business while increasing his projections in GBM in our remaining forecast period. His estimates for Canadian Banking increase for 2026 but decrease for 2027.
“Our model updates primarily reflect reduced revenue assumptions for the completed sale of its banking operations to Davivienda on December 1, lower expenses, lower impaired PCLs in 2026, and higher impaired PCLs in 2027 in International Banking, as well as higher revenues partially offset by higher expenses in GBM and Global Wealth Management,” he said. “In Canadian Banking, we model higher revenues, lower expenses, and lower impaired PCLs in 2026 while we model lower revenues and higher impaired PCLs partially offset by lower expenses in 2027. Our core EPS estimates move to $8.06 (was $7.99) in 2026 and $9.07 (was $9.09) in 2027.”
Keeping a “sector perform” rating for Scotia shares, Mr. Mihelic raised his 12-month target to $97 from $86. The average target on the Street is $98.34, according to LSEG data.
“BNS is trading at the lowest valuations among the group, reflecting its low ROE, struggles to build its Canadian franchise and considerable work required on the International business,” he said. “BNS is trading at the lowest P/B multiple in the group of 1.59 times, in line with its long-term historical average. While BNS’s valuation looks attractive, our core ROE estimates are weak relative to the group: 13.0 per cent (versus the peer average of 13.5 per cent) in 2026 and 14.0 per cent (versus the peer average 14.3 per cent) in 2027.”
Elsewhere, other analysts making target revisions:
* Raymond James’ Stephen Boland to $109 from $108 with an “outperform” rating.
“We continue to view Scotiabank as offering greater ROE expansion potential relative to peers, supported by ongoing funding and NIM improvements, growth in fee-based revenue streams, and disciplined expense management supporting positive operating leverage,” said Mr. Boland. “While management did not revise the bank’s medium-term targets, they noted that the 14-per-cent ROE goal outlined at the 2023 Investor Day now appears ‘conservative,’ with the bank tracking roughly one year ahead compared to initial expectations. With shares still trading at roughly a 2.0 times P/E discount to peers, we believe Scotiabank can continue to narrow the valuation gap as execution on the revised strategic plan progresses.”
* TD Cowen’s Mario Mendonca to $104 from $99 with a “buy” rating.
“Solid year-over-year NIM expansion, B/S optimization efforts, buybacks, and an improving credit outlook support a better outlook for 2026 EPS growth,” said Mr. Mendonca. “We believe the next key development to focus on is the resumption of better loan growth in commercial (currently apparent in retail). A discount valuation and growth momentum to further lift the ROE support our BUY rating.”
* Desjardins Securities’ Doug Young to $100 from $95 with a “hold” rating.
“Cash EPS and adjusted pre-tax, pre-provision (PTPP) earnings were 3 per cent and 1 per cent above our estimate, respectively, and while the beat was more capital markets–driven, management’s outlook for Canadian banking (CB), international banking (IB) and wealth management was encouraging," said Mr. Young.
* Canaccord Genuity’s Matthew Lee to $100 from $98 with a “buy” rating.
“Overall, we view the quarter as incrementally positive and believe that as BNS demonstrates the ability to grow the Canadian P&C business and deliver a 14-per-cent-plus ROE, the bank’s discount valuation will close further. We maintain our BUY rating and have increased our target ... on the back of modestly higher earnings estimates,” said Mr. Lee.
* Barclays’ Brian Morton to $97 from $95 with a “hold” rating.
“EPS above expectations, driven by better than expected NII (NIM expansion) and fees while PCLs and expenses were above expectations. Credit quality normalized, with GILs, formations and NCOs higher. Looking out, BNS sees 2026 EPS up double digits with progress on 14-per-cent-plus ROE medium-term objective,” said Mr. Morton.
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Seeing “an attractive entry point” for its shares, National Bank Financial analyst Patrick Kenny upgraded Gibson Energy Inc. (GEI-T) to an “outperform” rating from “sector perform” following its Investor Day event on Tuesday, emphasizing its five-year growth plan is now firmly in place.
“GEI unveiled its plan to achieve 7-per-cent-plus annual Infrastructure EBITDA per share growth through 2030 (including 2 per cent/year from capital-free asset optimization opportunities), delivering 100-per-cent-plus total shareholder return through the end of the decade including annual dividend growth of 3-5 per cent,” he said in a client note. “On the Marketing front, GEI sees a gradual return towards the low end of the company’s longer-term guidance of $80-$120-million per year by 2030, supported by its newfound U.S. marketing efforts.
“GEI is targeting 2026 growth capex of $100-$150-million, and has sanctioned the $50-million Wink-to-Gateway integration project at a 5 times build multiple (ISD Q3/26), which includes two new 50,000 barrel tanks at the Wink Terminal along with the Gateway Harvest Twin pipeline connection, enabling higher throughput with concurrent flow of Permian and Eagleford volumes and increased sourcing of supply for Gateway counterparties. Meanwhile, GEI renewed a 20-year take-or-pay agreement for refined product services at its Edmonton Terminal, while extending its terminal storage agreement by an incremental 10 years with a senior integrated oil sands customer.”
In a client note released early Wednesday, Mr. Kenny estimated the Calgary-based company’s target of $700-million to $1-billion of growth capital beyond 2026 now represents approximately 20-per-cent unrisked upside to his valuation based on an average build multiple of 5-7 times.
“Rolling our valuation to 2027, in conjunction with the sanctioned Wink-to-Gateway integration project, and trimming our cost of equity on the back of the ‘Grand Bargain’ MOU, our target moves up $5 to $29 (was $24),which is based on a risk-adjusted dividend yield of 6.5 per cent (was 7.5 per cent) applied to our 2027 estimated dividend of $1.90 per share, a 12.0 times (was 11.5 times) multiple of our 2027 Free-EBITDA and our DCF [discounted cash flow] per share valuation of $30.50 (was $24.50),” he explained. “Combined with $6 per share (approximately 20 per cent) valuation upside from an unsecured backlog of more than $1-billion across the company’s core Infrastructure platform, we are upgrading our rating.”
Mr. Kenny’s new target of $29 exceeds the current average on the Street of $26.14.
“With over 25 mmbbl [million barrels] of terminal capacity in North America, GEI touches one-in-four barrels in the WCSB and exports one-in-five barrels from the Gulf Coast. GEI recently renewed a 20-year take-or-pay contract supporting refined product services at its Edmonton Terminal, while extending a terminal storage take-or-pay agreement with a senior integrated oil sands counterparty covering 800,000 bbl of tankage by an incremental 10 years, underscoring the long-term stability and quality of its cash flow profile. Overall, GEI expects to generate a total return of over 100 per cent by the end of 2030, underpinned by 7-per-cent annual Infrastructure EBITDA per share growth.”
Elsewhere, other analysts making changes include:
* RBC’s Maurice Choy to $28 from $26 with an “outperform” rating.
“Between the attractive (and growing) dividend, improved Infrastructure EBITDA/share CAGR of 7-per-cent-plus, and continued adherence to its Financial Principles, we believe Gibson Energy’s stock warrants a refreshed look by many investors,” said Mr. Choy. “Through a combination of growth capex, capital-free initiatives, and share buybacks, the 7-per-cent-plus CAGR appears credible to us, while a roughly 10-per-cent DCF/share CAGR through 2030 is deliverable even with Marketing results that are flat to our 2025E. As the organic growth opportunities that predominantly underpin this 7-per-cent-plus CAGR materialize in the near-term, investor confidence in Gibson Energy’s growth offering and total return proposition should improve.”
* ATB Capital Markets’ Nate Heywood to $28 from $27 with an “outperform” rating.
“Growth will be centered on smaller-scale, low-risk projects that build on the existing crude focused crown jewel asset base in Canada and the U.S.,” said Mr. Heywood. “With the growth program expected to support 5-per-cent-plus of average annual EBITDA growth, management has also cited 2-per-cent-plus annual EBITDA growth opportunities from capital-free levers. From a capital allocation standpoint, core priorities are unchanged with management focused on funding its dividend (yield: 6.6 per cent), investing in growth and maintaining a strong balance sheet. Secondary capital allocation priorities include dividend increases, share buybacks and opportunistic M&A. Management reiterated its 100-per-cent-plus total shareholder return target over the next five years, pointing to an 52-per-cent share price appreciation and 48 per cent from dividends and dividend reinvestment. GEI trades at an attractive 2027 estimated EV/EBITDA of 9.7 times compared to peers averaging more than 10 times.”
* Scotia’s Robert Hope to $26 from $25 with a “sector perform” rating.
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Following Tuesday’s announcement that Goeasy Ltd.’s (GSY-T) current chief executive officer Dan Rees will step down after nine months leading the alternative lender due to health concerns, Raymond James analyst Stephen Boland lowered his recommendation for its shares to “market perform” from “outperform” previously, calling further management changes “concerning.”
Shares of the Mississauga-based company fell 5.9 per cent in response to the news, which includes Patrick Ens, who is currently president of easyfinancial, the main operating subsidiary, succeeding Mr. Rees.
“This is disappointing considering [Mr. Rees] only joined the company in early 2025,” said Mr. Boland. “We believe his appointment to GSY was a positive development after a long and successful career at Scotiabank in increasingly senior roles. We also believe he identified certain improvements within the company that needed to occur, including adding more resources around the secured lending portfolio.”
“Overall, we believe this is a negative development and may also be perceived by the street as indicating that credit conditions could be worse than expected. This is not a fair assumption but could happen.”
The analyst dropped his target for Goeasy shares to a Street-low $153 from $208. The average is $199.38.
“We have spoken to management, including both CEOs, we believe the stock could be under some pressure until 4Q25 results and a demonstrated improvement in delinquencies,” said Mr. Boland. “Releasing preliminary results may be helpful in this regard.
“We believe the stock is increasingly pricing in further deterioration in credit. With a typical prolonged gap in earnings results, we believe it is better to move to the side of caution. We are lowering our target and recommendation.”
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National Bank Financial analyst Baltej Sidhu came away from a recent marketing meeting with Northland Power Inc. (NPI-T) warning investors “patience is requiring” as “significant” changes have taken place over the past month with management having made “difficult decisions regarding the company’s strategic orientation, focusing on capital discipline to generate the highest risk-adjusted returns over the next 5 to 10 years.”
“We acknowledge that there will be a transitional period in the shareholder base,” he said. “While investor frustration and sentiment overhang on the shares are warranted, we continue to see fundamental value embedded in the stock over the next 12 to 18 months. We believe the new management team is introducing an additional layer of capital discipline to the organization, which is likely to elicit elements of change to its culture.”
“Initial discussions with investors focused briefly on the dividend cut, but quickly shifted to the recovery path, growth outlook and the broader strategic direction the executive team is steering the company towards. The dividend cut, as a refresher, resulted from a confluence of factors and was deemed by as the most value-accretive option over the next 5 to 10 years. With two large offshore wind projects, the company will not put its investment-grade rating at risk.”
Mr. Sidhu said he came away from the meetings with the impression that the recently announced outlook, targeting 6-per-cent compound annual growth rate in FCF per share through 2030 “incorporates a good degree of conservatism.”
“It’s not unusual for a new management to bake in added downside, which is set against a significant portion of the growth profile having been de-risked (80 per cent of capex spent),” he added. “The company could surprise to the upside over its forecast, potentially influenced by accelerating development and asset rotation in non-core jurisdictions not viewed as platforms. With this, we believe NPI will be patient (not a fire sale), given its financial flexibility, but we do see its EBSA utility in Colombia and U.S. onshore wind in New York as primary targets to crystallize and accelerate value.
As a modest show of confidence, the executive team and the Board have been active in the market. Leading the charge, the CEO has acquired approximately $500k worth of shares."
While noting “there will be a churn in the shareholder base from income-oriented funds,” Mr. Sidhu said he’s “fielded more inbounds from investors under a value lens” recently.
“Additionally, we are aware that some investors have started to identify NPI as a special situation,” he added. “While a takeout is not part of our thesis, we acknowledge that depressed valuations in public markets for renewable power infrastructure persist, and we would expect PE activity to continue.
“Recent bids for renewable power assets indicate that private buyers are well-funded and recognize the valuation gap. With that, we currently see NPI trading at an implied IRR of 12.4 per cent, which compared to Innergex trading at 12.8 per cent before being acquired at 8.75 per cent. As a marker, this would imply NPI at $28/sh.”
Maintaining his “outperform” rating for Northland shares, Mr. Sidhu cut his target by $1 to $24. The average on the Street is $22.71.
“Management must execute diligently to enhance value, regain confidence and restore credibility, all while being aware of the PE landscape,” he said. “Patience is essential to realizing the disconnect in intrinsic value, and we anticipate that investors should be rewarded over the next 12 to 18 months. Our thesis remains unchanged.”
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TD Cowen analyst Menno Hulshof sees Strathcona Resources Ltd.’s (SCR-T) deal for the Vawn thermal project and certain undeveloped thermal lands in western Saskatchewan and Alberta from Cenovus Energy Inc. as a “well-executed” acquisition, leading to higher five-year production guidance alongside an unchanged capital expenditure budget.
“Recall, Vawn was acquired at a very competitive $30k/flowing capital efficiency (including $75-million contingent payments with no value ascribed for undeveloped land; note),” he said. “Vawn (5 mbbl/d [thousand barrels per day] production vs. 10 mbbl/d capacity and peak rates of 1 2mbbl/d) directly offsets SCR’s existing SK thermal Edam asset. Beginning in 2027, SCR plans to connect the facilities into a single integrated complex via a short pipeline, which is expected to drive $10-million per year in synergies.
“With this deal, SCR also acquired CVE’s undeveloped Glenbogie, Plover Lake, and Lindberg assets (43 total net sections). Combined, they are expected to boost longer-term productive capacity by 35 mbbl/d at a competitive capital efficiency of $30k/flowing or less. This is in line with the economics of SCR’s existing five-year Lloydminster Thermal development plans. We expect the acquired assets to ultimately be developed in smaller (10-15mbbl/d) capital-efficient modular phases. In our view, this is becoming increasingly common because it materially derisks asset development, including capex off-ramps.”
While he sees the potential for 100,000 barrels per day of long-term growth opportunities to be developed as soon as by 2035, Mr. Hulshof reduced his target for Strathcona shares to a Street-low of $32 from $36 to reflect a special distribution of $10 per share due to be paid on Dec. 22, keeping a “hold” rating. The average is $38.67.
“SCR is a differentiated offering with higher-than-average growth targets (approximately 10-per-cent total production CAGR through 2031) and b/s leverage,” he explained. “Its plan is well-articulated and appropriately derisked as it is largely driven by modular CPF construction. SCR has a strong track record of creative deal structuring, including a USGC CBR back-stopped crude purchase agreement with an advantaged cost structure and the recent counter-cyclical acquisition of the Hardisty Rail Terminal. It does not expect to become cash taxable until 2027 at more than US$60/bbl WTI and has now received approval for a $2.1-billion tax-efficient Special Distribution to be paid out on Dec. 22. However, it appears relatively fairly valued on our estimates and while liquidity may remain an institutional investor impediment, we note the float is set to increase to 33 per cent in H1/26.”
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While shares of Cenovus Energy Inc. (CVE-T) have jumped since 62 per cent since April, which he called the “point-of-max-pessimism for downstream,” TD Cowen analyst Menno Hulsgof thinks “it is still early days for upstream/downstream inflection and potential MEG integration upside.“
Touting its “strong” balance sheet and believing it can weather near-term oil price weakness, he named the Calgary-based company to the firm’s “Best Ideas 2026″ list on Wednesday.
“While U.S. downstream admittedly remains a focus area, it is no longer the sole focus for investors like it was in 2024 and H1/25, in our view,” he said. “This is partially due to strong Q3 downstream results exiting a prolonged period of extensive turnaround activity. Q3 downstream results also somewhat surprisingly reflected higher market capture on its operated assets vs. its recently divested non-operated WRB assets.
“In our view, the stage remains set for a potential step-change in performance in 2026/2027, including positive inflection on upstream production and ultimately FCF (magnitude oil price dependent). This includes 150mbbl/d [thousand barrels per day] of growth through its legacy assets over next 24+ months, plus 150mbbl/d by 2028 through the MEG acquisition. The Narrows Lake Tieback is already ramping up while West White Rose (the most technically complex, in our view) and Foster Creek Optimization were 98% complete and tracking to first oil in H1/26 (per Q3 results). We note that this growth capex was opportunistically deployed during a period when WCSB cost inflation wasn’t an issue, which could change given the push for additional oil egress and associated upstream activity levels. There may also be upside to MEG synergies guidance ($150-million in 2026, increasing to $400-million by 2028).”
Keeping a “buy” recommendation for Cenovus shares, Mr. Hulshof raised his target by $1 to $29. The average is $30.39.
“What Is Underappreciated Or Misunderstood? Given the disproportionate focus on US downstream through mid-2025 due to an extended period of heavy maintenance activity, which weighed on its KPIs, we believe its best-in-class thermal in situ business still isn’t getting the attention or credit it deserves, especially given the recent acquisition of MEG Energy,” said the analyst. “We highlight that despite our expectations of improved U.S. downstream performance, overall downstream still only accounts for 6 per cent of our 2026 EBITDA estimate, whereas oil sands accounts for 77 per cent.”
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ATB Capital Markets’ Frederico Gomes thinks 2026 is likely to better for U.S. multi-state cannabis operators than the past 12 months.
While acknowledging industry challenges persist, he thinks they are “largely priced in,” and “the potential combination of regulatory catalysts, low expectations, and market stabilization/growth in 2026 and 2027 could support multiple expansion and higher equity valuations.”
“The year 2025 mirrored 2024’s difficulties for U.S. cannabis, with rescheduling stalled and fundamentals hampered by price compression, retail saturation, and slow growth. The MSOS ETF is down 3.1 per cent year-to-date (vs. the S&P 500 up 16.1 per cent), reflecting retracement after August’s fleeting recovery on rescheduling hopes,” said Mr. Gomes.
“In this scenario, it may be surprising we are turning more constructive for 2026 as we believe things are looking up: (1) Tier 1s trade at a low 2026e EV/EBITDA of 5.0x, suggesting valuations price in difficult fundamentals but exclude upside from regulatory reform. (2) The approved intoxicating hemp ban is a meaningful positive. Even partial enforcement by November 2026 may alleviate sales and margin pressures by pausing investments in the hemp market. Full enforcement could lead to a significant, one-time boost to regulated growth in 2027. (3) We see a reasonable probability of rescheduling in 2026 due to the approaching mid-terms, and potential AU legalization in VA, FL, and PA. (4) While debt and UTP remain an overhang, most Tier 1s and 2s have refinanced maturities, mitigating immediate liquidity risks. (5) We expect a modest increase in M&A in 2026 as restructuring companies sell assets.”
In a client report released Wednesday, Mr. Gomes upgraded his recommendation for a pair of companies:
* Cresco Labs Inc. (CL-CN) to “buy” from “hold” with a $2.50 target, up from $2.25. The average is $2.43.
“We upgrade Cresco to Outperform (from Sector Perform), identifying it as a beneficiary of an improving 2026/27 industry backdrop,” he said. “Following a 10-per-cent top-line contraction in 2025, we forecast revenue stabilization in 2026, anchored by the Company’s competitive position in Pennsylvania, Illinois, and Ohio, alongside emerging contribution from Kentucky. While current adj. EBITDA margins (low-to-mid 20s) reflect operating deleverage relative to top-tier peers, we believe Cresco’s FCF generation and liquidity profile (no near-term maturities) offer capital allocation optionality: the Company is wellpositioned to pursue M&A in new markets (e.g., New Jersey, Maryland), or to scale its international footprint in Germany. We view Cresco as an efficient operator with the balance sheet capacity to pivot back to growth, justifying our constructive rating change.”
* Curaleaf Holdings Inc. (CURA-T) to “buy” from “hold” with a $4.50 target, up from $4. The average is $5.03.
“We are upgrading Curaleaf to Outperform (from Sector Perform), viewing the recent valuation pullback as a compelling entry point into the sector’s only true global platform. Curaleaf distinguishes itself through large domestic scale and unique leading presence in high-growth international markets (Germany, UK, Poland)—a strategic exposure that domestic-only peers lack. While EBITDA margins (low-20s) currently trail toptier operators and the balance sheet leverage remains a near-term friction point, we view this “margin gap” as a catch-up opportunity that supports higher adj. EBITDA CAGR over the next five years. We believe the market still underappreciates the long-term value of the international segment as it scales. With a more constructive 2026/27 industry backdrop (on the intoxicating hemp ban) and continued international growth, we believe the stock deserves a premium multiple, and is the primary vehicle for investors seeking exposure to global (US and Europe) cannabis secular growth," said Mr. Gomes.
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In other analyst actions:
* Ahead of its third-quarter earnings release on Dec. 9, Scotia’s John Zamparo raised his Groupe Dynamite Inc. (GRGD-T) target to $73 from $49 with a “sector perform” rating. The average is $70.13.
“We have increased our estimates for GRGD’s Q3, owing to continued strong SSS [same-store sales] and net store openings,” he said. “Consensus expects a 26-per-cent increase in SSS, 6 net new stores, 35-per-cent EBITDA growth, and 38-per-cent EPS growth; our estimates are mostly in-line (2 per cent ahead on sales, u[ 1 per cent on EBITDA,” he said. “We have increased our price target to $73 ($49 prior), a result of a) far higher valuation on GRGD’s closest peer (Aritzia); b) stronger performance across the broad apparel group; and c) web traffic that remained elevated through FQ3. We move to F26 as the basis for our valuation (avg. of F25 & F26 prior), and now apply a 35 times P/E multiple, in line with ATZ.”
* In response to Tuesday’s announcement of an agreement to be taken over by Fairstone Bank of Canada in an all-cash deal valued at $1.9-billion, Scotia’s Mike Rizvanovic moved his target for Laurentian Bank of Canada (LB-T) to $40.50 from $33, keeping a “sector perform” rating, to reflect the offer, while Raymond James’ Stephen Boland also moved his target to $40.50 from $30 with a “market perform” rating. The average is $28.99.
“We see little risk to the transaction from a regulatory perspective, which should drive LB’s share price up towards the $40.50 offer price. More broadly, the deal ends a very long process for LB that included a strategic review and a couple of shifts in the bank’s strategy, and highlights the challenges in competing within the Canadian lending market will a sub-scale franchise. Assuming the transaction goes through, it marks the third of four smaller Canadian banks that have been acquired in the past 3 years (RY buying HSBC Canada in 2022 and NA buying CWB in 2024 were the others), leaving EQB as the lone publicly-traded smaller bank in the market,” Mr. Rizvanovic said.
* Desjardins Securities’ Lorne Kalmar bumped his target for units of Plaza Retail REIT (PLZ.UN-T) to $4.75 from $4.50 with a “buy” rating. The average on the Street is $4.67.
“3Q results were slightly ahead, with FFOPU [funds from operations per unit] up 8 per cent plus year-over-year,” said Mr. Kalmar. SPNOI [same-property net operating income] growth of 1.7 per cent was slightly below our expectations due to the closure of a lone Toys “R” Us location (2.3-per-cent adjusted). Fundamentals remained solid, with occupancy at 97.9 per cent (99.0 per cent excluding its three mall assets) and leasing spreads of 12 per cent year-to-date (14 per cent on an IFRS basis). PLZ also continues to execute its portfolio optimization strategy. Our forecast now calls for 10-per-cent FFOPU growth in 2025 and 8 per cent in 2026, before moderating to 2 per cent in 2027 (approximately 5-per-cent FFOPU CAGR)."