Inside the Market’s roundup of some of today’s key analyst actions
In response to share price appreciation, National Bank Financial analyst Mike Parkin downgraded“We see limited return to our target after ELD’s recent strong share price performance over the past several months,” he said. “On Sept. 26, 2022 the price of gold bottomed and has steadily rebounded since, closing up 18.4 per cent as of last Friday. On a relative basis, using Sept 26th as the baseline, ELD has outperformed the gold index by nearly 30 per cent over this same period.
“Our $13.75 target price implies Eldorado reaching a valuation of 0.75 times NAV, which is in line with the LTM peak valuation multiple,” he said. “Based on the current near peak valuation and recent strong share price outperformance, we would expect Eldorado to trade more in line with peers moving forward, and thus are downgrading to Sector Perform from Outperform. We continue to regard Eldorado as a quality name to own and our downgrade is solely based on valuation.
“Entertainment tie-ins becoming increasingly important. Amongst the trends discussed during our webinar, the reliance on content caught our attention the most. Innovation has always been the main driver of growth for the industry, but the biggest changes appear to be related to the ecosystem around such innovation. It is becoming increasingly hard to have a stand-alone toy according to our experts and entertainment tie-ins are becoming just as important.
“We remain constructive on Spin Master as most of the concerns raised above are already reflected in the company’s valuation,” he said. “However, absent an acquisition, we see limited near-term catalysts to move the shares higher. The NCIB should help support the shares.”Seeing “mark-to-market upside” in a “defensive asset class,” Echelon Partners analyst David Chrystal initiated coverage of with a “buy” rating, calling it a “deeply discounted play on U.S. apartments.
“On the back of exceptional growth in market rents through 2021 and the first half of 2022, current in-place rents remain 7 per cent below market rents. Given the absence of rent control across DRR’s markets, we expect this gap to narrow over the next 12-18 months. This embedded rent growth should generate incremental NOI [net operating income] of $2-million, or 10 cents of FFO [funds from operations] per unit over this period.
“We believe that DRR’s portfolio of Class B suburban garden-style mid-market apartment properties is defensive and should fare well in the event of any economic weakness,” he said. “The REIT’s portfolio caters to tenants who are typically renters by necessity, a cohort that has grown alongside rising home prices and mortgage interest rates, and which we would expect to increase in size should the broader U.S. labour market show any signs of slowing.
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