Dundee REIT (D.UN-TSX)
Yesterday's close $26.23, up 76¢
Dundee Real Estate Investment Trust reported a 13.8-per-cent decline in its funds from operations in the fourth quarter reflecting an equity issue and it recently raised $203.6-million through the sale of units to help finance its acquisition strategy, said CIBC World Markets analyst Alex Avery.
Upside: The "sector-perform" rated units yield 8.7 per cent with a price target of $25.25.
Astral Media (ACM.A-TSX)
Yesterday's close $35.35, down 53¢
Astral Media Inc. has had "a breakout from a bullish technical pattern," said Monica Rizk and Ron Meisels, technical analysts with Phases & Cycles.
Upside: The large "inverse head-and-shoulder" pattern supports point-and-figure targets of $44 and $49, they said. "Only a decline below the 40-week moving average [about $32]would reverse the positive status of this stock."
Western Financial Group Inc. (WES-TSX)
Yesterday's close $3.48, up 20¢
Western Financial Group Inc. offers insurance, investment and banking services through its subsidiaries. It expects improvement in most of its businesses and discussions are under way with third parties "to help in the various business lines that have emerged" in its banking arm, said Brian Pow, vice-president, research with Acumen Capital Finance Partners.
Upside: Shares are reiterated "buy" with a price target of $4.
ARTIS REIT (AX.UN-TSX)
Yesterday's close $11.67, up 22¢
Artis Real Estate Investment Trust is not expected to achieve distribution coverage within the two-year outlook, said Neil Downey, an analyst with RBC Dominion Securities Inc. He forecasts payout ratios based on the adjusted funds from operations of 124 per cent in 2010, and 116 per cent in 2011, compared with 116 per cent in 2009.
Downside: The units are rated "sector perform" with a price target of $11.50.
TimberWest (TWF.UN-TSX)
Yesterday's close $5.07, down 54¢
TimberWest Timber Trust faces a muted recovery in the U.S. housing market, said Daryl Swetlishoff, an analyst with Raymond James. However, the units will be "attractive to deep value investors" willing to wait for benefits of structural changes in the North American wood-fibre business, he said.
Upside: He estimates the net asset value of the "outperform rated" units at about $10.50. His one-year price target is $6.