Inside the Market’s roundup of some of today’s key analyst actions
National Bank Financial analysts Matt Kornack and Tal Woolley favour “tightening” multi-family and industrial real estate markets to start to 2022.
“By asset class, we see the highest average total returns in our Industrial and Multi-family coverages (22 per cent total returns each),” they said in a research report released Monday. “This is followed by Seniors Housing/Healthcare (another quasi-residential asset class) and Diversified at 20 per cent. Basically, our expectations are stronger for these names due to the favourable supply/demand pictures. We see average total returns of 14 per cent for our Office coverage and for Retail, which still have to resolve questions around growth/occupancy as COVID wears on. Our Special Situations coverage also offers some interesting opportunities in self-storage, single-family housing and manufactured housing (again, all quasiresidential asset classes).”
In the industrial sub-sector, the firm sees rent growth continuing to “surprise to the upside, particularly in gateway markets with limited availability and new developments with higher rents as the only competition. Of late, trading prices retreated on higher bond yields, but we expect the healthy organic growth to drive financial performance and investor interest in 2022.”
Though the analysts caution Omicron will cause “a little operational discomfort” in the multi-family area, they see a “stronger” spring market.
“Operating metrics here remained solid, even with immigration declining during COVID,” they said. “As occupancy normalizes, we anticipate pressure will build for rents. The omicron wave may blunt operating momentum generated through Q4, but we still expect strong spring leasing. If foreign jurisdictions, like the U.S., where both HOM and HR have exposure are any indication rents can accelerate quickly but this will be moderated domestically by rent control regimes.”
In conjunction with the report, Mr. Kornack upgraded Minto Apartment Real Estate Investment Trust (MI.UN-T) to “outperform” from “sector perform,” though warning he “may be a little early to this call as a return to lockdowns could curtail operating performance in Q1/22.”
“That said, relative underperformance from a trading standpoint offers an attractive entry point with the expectation for improving operating metrics through the balance of the year,” said Mr. Kornack.
“The ubiquitous nature of Omicron is changing public perception and may usher in less disruptive public health measures going forward. Looking to jurisdictions that are farther ahead in their infection curves, this wave will certainly be disruptive but likely shorter, sparing the spring leasing season. Meanwhile, trends seen during recent periods of more lax public health measures were supportive of higher occupancy and rent levels. This was without the full benefit of higher immigration rates, which accelerated materially throughout the balance of 2021 and should usher in increasingly positive demand dynamics in 2022.”
Touting its “high-quality portfolio of urban assets” and calling its “development expertise and Minto relationship a plus the analyst,” he kept a $26.25 target for its units. The average on the Street is $27.20.
“Valuation was an impediment historically to our call on the name,” the analyst said. “Recent underperformance offers an opportunity to get in at a reasonable valuation relative to portfolio quality. We also expect improving operating performance combined with weaker prior year comps, driving better organic growth. As noted in our related 2022 outlook and preview, higher cost inflation will be a mitigating force.”
“We like the REIT’s approach to development and the expertise embedded in its platform. For a smaller entity, the development loan structure provides a unique mechanism to sustain earnings while securing a high-quality acquisition pipeline.”
Conversely, Mr. Kornack lowered Dream Office Real Estate Investment Trust (DI.UN-T) to “sector perform” from “outperform,” “option for better 2022 total return opportunities.
“We upgraded Dream Office in June 2020 on the belief that the worst of the pandemic was over and people would naturally gravitate back to physical workspaces,” he said. “We still believe that the latter will happen in time but a year and a half later during the fifth wave of COVID and back to mandated stay-at-home orders, our patience is waning and operating performance has deteriorated. The longer this lasts the deeper the hole from which to recover combined with more competition from new supply.
“Occupancy, when we upgraded the REIT, sat at 88 per cent (97 per cent in Toronto) vs. 83 per cent and 88 per cent as at Q3/21, respectively. Meanwhile, Dream is currently trading at just shy of $25 vs. ~$20 at the time of our upgrade, 10-year government bond yields were hovering around 50 bps then and are now sitting a bit below 2 per cent.”
Mr. Kornack did raise his target for Dream units by $1 to $27. The current average is $26.28.
“We remain fans of Dream’s management team and portfolio positioning but see better near-term total return opportunities across our coverage universe,” he said. “There is a real possibility that this portfolio would fetch a hefty premium if sold today (recent precedents are supportive of higher values). That said, private investor return horizons tend to be longer and capital improvements being made to the portfolio will likely drive value upside beyond our recommendation timeframe. Meanwhile, replicating this portfolio would be very difficult, so we see no reason why there would be a rush to sell.”
The analysts also made these target adjustments:
- Boardwalk Real Estate Investment Trust (BEI.UN-T, “outperform”) to $65.50 from $63.50. Average: $60.27.
- BSR Real Estate Investment Trust (HOM.U-T, “outperform”) to US$21.50 from US$20. Average: US$20.15.
- Extendicare Inc. (EXE-T, “sector perform”) to $8 from $8.50. Average: $8.13.
- European Residential REIT (ERE.UN-T, “outperform”) to $5 from $5.75. Average: $5.50.
- Granite Real Estate Investment Trust (GRT.UN-T, “outperform”) to $115 from $110. Average: $109.40.
- Tricon Residential Inc. (TCN-T, “outperform”) to $21 from $20. Average: $20.
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With the report, National Bank revealed its top picks by real estate asset class. They are:
Industrial
Summit Industrial Real Estate Investment Trust (SMU.UN-T) with an “outperform” rating and $26.50 target. Average: $25.20.
Firm: “Summit has pulled back on a broader trading move around growth names in light of a rising interest rate environment. The irony here is that the REIT has the highest potential growth expectations given skyrocketing mark-to-market potential in its core Toronto and Montreal portfolios. The REIT’s leverage position is also enviable with a cost of capital that encourages funding future purchases with equity vs. debt. We also like that it is the only pure-play Canadian industrial vehicle allowing domestic and global investors to buy direct exposure to one of the hottest real estate markets on the planet. The implied cap rate today is low, but we have a high degree of confidence around the REIT’s industry-leading organic earnings growth trajectory.”
Apartments
Canadian Apartment Properties Real Estate Investment Trust (CAR.UN-T) with an “outperform” rating and $70.50 target. Average: $68.47.
Firm: “CAP provides a high-quality hybrid exposure to Canada’s largest urban markets with asset concentrations in both densely populated and suburban nodes but also a growing footprint in smaller cities popular with retirees. It has an exceptional liquidity position, best in class platform, the strongest leverage metrics relative to apartment peers and a long track record of earnings/distribution growth supported by a management style that prioritizes operational stability. All of this works well in an environment where timing-related concerns around the pandemic are balanced against the prospect for much brighter days on the other side of the current wave of infections.”
Senior Housing/Healthcare
Chartwell Retirement Residences (CSH.UN-T) with an “outperform” rating and $15 target. Average: $14.07.
Firm: “CSH is the Canadian industry leader in retirement, and we believe that its long-term earnings power has not been materially altered by the pandemic. While outbreaks have risen in recent weeks due to the Omicron variant, progress made in rolling out vaccinations and booster shots should ensure deaths remain well below previous waves. CSH also has the least exposure to long-term care in the Seniors Housing group. We believe Seniors Housing is the asset class that is most likely to see tangible operating improvements through 2022 as near-term headline risks subside. M&A activity has picked up in recent quarters and is expected to continue through 2022, and we see CSH’s leading retirement platform as a strategic and scaled portfolio for the larger consolidators looking to increase their exposure.”
Diversified
H&R REIT Real Estate Investment Trust (HR.UN-T) with an “outperform” rating and $17 target. Average: $16.18.
Firm: “H&R has been busy honing its portfolio focus and in time will probably escape its classification as a diversified REIT. Following the sale of the Bow and spinout of Primaris, the REIT is now more heavily weighted towards its higher-growth segments, namely the U.S. apartment and Canadian industrial portfolios. Meanwhile, the remaining long-term leased office and grocery-anchored retail properties provide stable earnings and a future source of funding that can be timed in accordance with development activity. The latter is an expertise that the REIT has built over years of operations and the focus is on properties with strong relative going-in yields and constrained timelines, limiting potential dilution from capital recycling. At the end of the day, we see H&R as a growth name with a value multiple and expect that this discount will diminish as it puts up strong earnings.”
Office
Allied Properties Real Estate Investment Trust (AP.UN-T) with an “outperform” rating and $52 target. Average: $51.29.
Firm: “Office has been far from a darling child asset class during the pandemic, although headline risks have been more prominent than operational deterioration. Allied’s portfolio has held up quite well and we expect relatively strong near-term earnings growth on the back of pre-leased development deliveries. Its properties are unique and attractive to a broad range of tenants with structural barriers to entry. Historic buildings are in low supply in Canada’s major cities and competing product tends to be newly developed low-to-mid-rise assets that exhibit inspiring (but very expensive) architectural attributes. Allied continues to have a conservative balance sheet, meaningful exposure to the very strong datacentre segment and one of the most urban footprints of any name in our coverage universe. Notwithstanding the current health restrictions, there are signals that more normal days are close and real estate is a long-duration business.”
Retail
CT Real Estate Investment Trust (CRT.UN-T) with an “outperform” rating and $19.50 target. Average: $18.82.
Firm: “We like CRT’s simple business model. Its portfolio is anchored by an investment-grade tenant with a WALT of nine years and embedded modest rent steps, providing the foundation for stable, growing cash flows. CRT is also one of the few Retail REITs we cover that has the financial scope to increase distributions over time. Additionally, CRT has the lowest leverage of its retail REIT peers (D/EBITDA of under 7 times vs. peer average of 8-9 times). Combined, CRT has a healthy, stable growth profile paired with the lowest operating and financial risk of retail REITs under coverage.”
Special Situations
Flagship Communities REIT (MHC.U-T) with an “outperform” rating and US$24 target. Average: US$23.07.
Firm: “Manufactured housing communities continue to be an asset class that we view favourably for multiple reasons. It has been a counter-cyclical asset class that has posted consistently strong long-term organic NOI growth in the 4-per-cent range. Unlike other asset classes that have seen potential investment spreads compress over the last decade, MHC’s remain attractive in our eyes, with MHC having the ability to drive double-digit returns on investment capital over time. In addition, U.S. housing had one of its best years on record in 2021 and we expect MHC should also benefit from robust demand for housing in the United States.”
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Citing “a cold start in 2022, stabilizing propane prices and dissipating risks,” Desjardins Securities analyst David Newman raised his rating for Superior Plus Corp. (SPB-T) to “buy” from “hold.”
He made the change despite lowering his adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) estimate for the fourth quarter of 2021 to $139-million from $156-million, which is below the $151-million consensus on the Street, due to mild weather during the period.
“We are ‘warming up’ to SPB given a cold winter on tap, stabilizing propane prices (could aid margins), a healthy inventory position (30 days vs typical 10–14 days given Line 5 risks (dissipating), which should support operations amid frigid weather), future M&A and its high dividend yield (6 per cent) and low payout (36 per cent),” said Mr. Newman.
“Despite some risks (impact of Omicron and stricter COVID-19 regulations on commercial and wholesale, Kamps delayed close (end of 1Q), higher leverage ratios and less buying support (full position for M&B)), we believe the share price represents a good entry point ahead of 2022 guidance and a good start to 1Q.”
Raising his 2022 and 2023 earnings and cash flow expectations, he trimmed his target for Superior Plus shares to $16, matching the consensus on the Street, from $17.
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With Canadian renewable power stocks continuing to underperform, BMO Nesbitt Burns analyst Ben Pham thinks “it is difficult to know if we are close to the ‘floor.”
However, he does think “valuations are attractive and reflect limited value for future unsecured growth.”
“Industry growth potential remains robust, renewables are still cost competitive, and demand is as strong as we’ve ever seen it,” he said.
With that view, he upgraded Northland Power Inc. (NPI-T) to “outperform” from “market perform” with a $41 target, down from $44 and below the $47.44 average.
“We are upgrading NPI shares ... given our positive EBITDA outlook for 2022 (up 15 per cent), free upside optionality from its off-shore wind project roster, and attractive relative valuation (approximately 11 times EV/EBITDA), where we see upward bias given recent momentum in off-shore wind growth and improved sentiment on natural gas power (15 per cent of NPI’s EBITDA),” he said.
Mr. Pham also upgraded Brookfield Renewable Partners LP (BEP-N, BEP.UN-T) to “outperform” from “market perform” with a US$38 target, down from US$40 and below the US$42.20 average.
“We are upgrading BEP shares ... given the industry-leading 10-per-cent-plus growth rate, scale (providing more resiliency to capital cost inflation), and strong IG-rated balance sheet that can fund growth without requiring external equity,” he said.
“As one of the largest publicly traded renewable power companies with a global footprint across all key technologies, BEP is the “go-to” for renewable power investment.”
At the same time, Mr. Pham lowered his Innergex Renewable Energy Inc. (INE-T, “outperform”) target to $21 from $24 and Boralex Inc. (BLX-T, “outperform”) to $39.50 from $45. The averages are $23.78 and $46.50, respectively.
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Scotia Capital analyst Orest Wowkodaw thinks the “risk-reward proposition for the mining equities remains extremely attractive.”
“Although macroeconomic risks remain elevated, we anticipate a strong stimulus-driven recovery in ex-China markets to more than compensate for decelerating Chinese growth, Omicron concerns, and higher interest rates. In the medium to long term, we anticipate the emergence of a new commodities super cycle driven by growing demand from global decarbonization efforts to address climate change amplified by the impact of severe underinvestment in new production capacity,” he said. “Heightened geo-political risks in LatAm are likely to compound the supply crisis as miners defer growth.”
In a research report released Monday, Mr. Wowkodaw made a series of adjustments to his commodity price forecasts, recommending exposure to copper, premium bulks, and uranium.
“Among the base metals, we continue to prefer Cu [copper] exposure given very low inventories and our forecast of a relatively tight near-term market (including another sizable deficit in 2022), before transitioning to a large mediumterm structural deficit due to supply erosion,” he said. “We also anticipate Cu to be among the biggest beneficiaries of growing global decarbonization efforts. While we remain concerned with over-supply risks in Ni [nickel], the outlook for Zn [zinc] has significantly improved. We see material downside pricing risks for HCC from extremely elevated levels and moderate downside risks for Fe; however, we continue to like the outlook for the premium segment of bulk commodities. Moreover, relatively healthy Chinese steel mill margins suggest that current pricing dynamics have runway. U3O8 [uranium] fundamentals are improving on supply constraints, aggressive inventory stockpiling, and the increasing role for nuclear in green energy.”
With changes to his price deck, the analyst now sees “attractive” valuations and free cash flow across the sector, prompting him to make a series of significant target price adjustments. His changes include”
- Altius Minerals Corp. (ALS-T, “sector perform”) to $18 from $1. The average on the Street is $20.32.
- Cameco Corp. (CCO-T, “sector outperform”) to $40 from $38. Average: $34.95.
- Champion Iron Ltd. (CIA-T, “sector outperform”) to $7 from $6.50. Average: $7.32.
- Copper Mountain Mining Corp. (CMMC-T, “sector outperform”) to $4.50 from $4.25. Average: $4.95.
- First Quantum Minerals Ltd. (FM-T, “sector outperform”) to $43 from $37. Average: $35.
- Hudbay Minerals Inc. (HBM-T, “sector outperform”) to $12.50 to $11.50. Average: $12.82.
- Ivanhoe Mines Ltd. (IVN-T, “sector outperform”) to $15 from $12. Average: $12.66.
- Labrador Iron Ore Royalty Corp. (LIF-T, “sector outperform”) to $43 from $40. Average: $39.57.
- Lundin Mining Corp. (LUN-T, “sector perform”) to $12 from $11. Average: $11.78.
- Sherritt International Corp. (S-T, “sector underperform”) to 45 cents from 40 cents. Average: 69 cents.
- Teck Resources Ltd. (TECK.B-T, “sector outperform”) to $55 from $44. Average: $44.96.
- Taseko Mines Ltd. (TKO-T, “sector perform”) to $3 from $2.75. Average: $3.26.
- Turquoise Hill Resources Ltd. (TRQ-T, “sector perform”) to $22 from $16. Average: $18.21.
“We recommend 10 of 24 equities under our coverage. Our top picks are FM-T, TECK.B-T, and VALE-N. We also highly recommend CCO-T, CIA-T, CMMC-T, FCX-N, HBM-T, IVN-T, and LIF-T. The average implied return for our preferred equities is now a more modest 27% (vs. 41% last quarter),” he said.
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After Friday’s release of in-line first-quarter results, Canaccord Genuity analyst Aravinda Galappatthige expects investor attention will swing toward Cogeco Communications Inc.’s (CCA-T) ”news and developments on the wireless front.”
“As the clock ticks down on the Rogers-Shaw regulatory approval and with initial decisions likely due over the next 2-4 months, we believe Cogeco’s options and prospects on the wireless front also come to the fore,” he said. “Management comments thus far seem to suggest that Cogeco’s wireless ambitions are largely contained to its Canadian footprint as opposed to more provincewide (or beyond) plans. However, much depends on the regulatory remedies announced and the formation of potential bidders for the Shaw wireless asset. With its meaningful spectrum holdings (including the 3500MHz position in the GTA) and cable footprint, we expect the company could be a valuable partner for lead bidders.”
Cogeco Communications shares fell almost 1 per cent on Friday following after it reported consolidated revenue for the quarter of $718.5-million, missing Mr. Galappatthige’s estimate of $736.7-million but slightly exceeding the consensus forecast of $717-million. Driven by acquisitions, EBITDA of $349.3-million topped estimates ($345.7-million and $340-million, respectively).
“The light financials were expected, and Q2 and beyond should see more robust financials,” he said. “More notably, sub trends were weaker than expected, with both U.S. and Canadian internet adds coming in well below expectations.”
“Breezeline’s (formerly Atlantic Broadband) outlook over the next several quarters could be key for the direction in the stock. The weaker subs returns in Q1 coupled with a generally more cautious view of U.S. cablecos of late may cause investors to be more circumspect on this front. With that said, we believe that positive takeaways from the recently acquired Ohio broadband assets as the early quarters roll in, a recovery in overall internet growth, and updates around further network expansion under government infrastructure programs could drive a change in investor attitude. We do note that US cable EBITDA is still growing mid-single digits on an organic basis and can improve with additional network expansion.”
After adjusting his Breezeline multiple, Mr. Galappatthige cut his target for Cogeco Communications shares to $120 from $130, keeping a “buy” recommendation. The average is $126.50.
Other analysts making changes include:
* RBC Dominion Securities analyst Drew McReynolds to $126 from $129 with a “sector perform” rating.
* CIBC World Markets’ Robert Bek to $120 from $126 with an “outperformer” recommendation.
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IA Capital Markets analyst Chelsea Stellick thinks Sernova Corp. (SVA-X) possesses “blockbuster potential to establish a new standard of care for diabetes treatment and apply its platform to other chronic diseases using several complementary technologies.”
In a research report released Monday, she initiated coverage of London-based company with a “speculative buy” recommendation.
“Sernova is an early stage biotechnology company that is focused on the development and commercialization of its propriety cell therapy platform (Cell Pouch System), a small, scalable and implantable medical device that will release the necessary proteins and hormones missing in the body to treat chronic diseases such as diabetes, hemophilia, and thyroid disease,” she said. “This serves as an alternative to daily drug administration, thereby eliminating difficulties associated with medication administration or adherence. Sernova has completed its first-in-human safety study of the Cell Pouch System for insulin-dependent diabetes patients and is currently conducting a Phase 1/2 safety, tolerability, and efficacy study in the U.S.. The Cell Pouch System is also being explored in patients with hemophilia A and hypothyroid disease.”
“Insulin pumps have been used in the past decade to mimic the functioning of the pancreas to deliver rapid and continuous doses of insulin to patients with diabetes and are a more flexible option than traditional insulin pen injections. While insulin pumps provide an option for Type 1 Diabetes (T1D) patients, some complications include skin infections, and the overall inconvenience of wearing the pump all the time. Sernova’s Cell Pouch System offers an alternative for people with diabetes in that it provides a vascularized environment for therapeutic cells to survive for long periods of time using donor cells. The second-generation devices will utilize technologies to protect therapeutic cells from immune system attack (reducing the need for immunosuppressives) and will use stem cells to continually produce missing proteins/hormones and cells fully responsive to endogenous regulation.”
Calling the system “an unmet medical need presenting significant opportunity,” Ms. Stellick set a target of $3 per share. The average is $2.50.
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Equity analysts at Acumen Capital revealed their 2022 “Dark Horse Picks” on Monday.
The list of five stocks was built from a “collection of names have either lost a surprising amount of investor conviction or remain under the radar” and is intended to provide investors with “some perspectives on the potential catalysts that could surprise to the upside in 2022.”
This year’s selections are:
* Black Diamond Group Ltd. (BDI-T) with a “buy” rating and $6.75 target. The average on the Street is $6.79.
Firm: “BDI was up over 60 per cent in 2021 and a top performer in our universe as the business normalized from the initial shock of COVID-19 along with the positive impact from acquisitions and organic growth. We believe BDI is well positioned for continued outperformance in 2022 driven by stable and predictable high margin rental revenue (MSS), steadily improving WFS utilization, and a continued rapid scaling of the LodgeLink digital platform.”
* Gamehost Inc. (GH-T) with a “buy” rating and $11 target. Average: $11.
Firm: “On the back of proactive steps taken during the pandemic to improve the business coupled with a booming Alberta economy we believe GH is well positioned for strong free cash flow generation and the re-establishment of the dividend in 2022.”
* Hammond Power Solutions Inc. (HPS.A-T) with a “buy” rating and $15 target. Average: $15.
Firm: “In our view, HPS offers investors an attractively valued manufacturer that is poised to deliver strong growth over the next several years as electricity demand, upgrading of infrastructure, EV charging stations, and renewable energy installations all drive demand for transformers. HPS is the market leader in the North American market, and we believe their distribution model and engineering expertise will improve their market share over the near-, medium-, and longterm.”
* MTY Food Group Inc. (MTY-T) with a “buy” rating and $77.50 target. Average: $72.19.
Firm: “MTY continued to demonstrate the strength of the business model in 2021. Despite headwinds from the pandemic, labour shortages, and supply chain challenges, the Company generated record FCF that was used to pay down debt. With the balance sheet delevering below 2.0 times at the end of FY/21, MTY is well positioned to execute on a large acquisition.”
* Waterloo Brewing Ltd. (WBR-T) with a “buy” rating and $8.50 target. Average: $9.66.
Firm: “WBR strengthened its position as the largest independent brewer in Canada and a co-packer of choice in both Canada and the U.S. in 2021. The Company continued to outperform all large and small competitors in its respective markets, added co-pack customers, and completed a significant facility expansion.”
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In other analyst actions:
* In a research note previewing the first half of 2022 for North American contract drillers, Raymond James analyst Andrew Bradford made a trio of rating changes. He upgraded Precision Drilling Corp. (PD-T) to “outperform” from “market perform” with a $62.50 target, below the $67.66 average on the Street. Conversely, he lowered Calfrac Well Services Ltd. (CFW-T) to “market perform” from “outperform” with a $5.75 target, down from $6.90 and below the $6.19 average, and STEP Energy Services Ltd. (STEP-T) to “market perform” from “outperform” with a $2.15 target, falling from $2.50 and below the $2.86 average.
* Scotia Capital analyst Eric Winmill made three target price changes: Filo Mining Corp. (FIL-T, “sector outperform”) to $17 from $13.50; Foran Mining Corp. (FOM-X, “sector outperform”) to $3.25 from $3 and Solaris Resources Inc. (SLS-T, “sector outperform”) to $18 from $16. The averages on the Street are $16.02, $2.96 and $18.74, respectively.
“Our price targets have largely increased as a result, with increases partly offset by higher assumed capex and operating costs to reflect inflationary pressures that are manifesting across the industry,” he said.
* BMO’s Ryan Thompson lowered his Silvercorp Metals Inc. (SVM-T) target to $6 from $6.25 with a “market perform” rating. The average is $8.02.
* BMO’s Jackie Przybylowski cut her First Quantum Minerals Ltd. (FM-T) target to $33 from $35 with an “outperform” rating. The current average is $35.
“Media reports overnight have reported that the government of Panama has issued an “ultimatum” to First Quantum and is proposing significantly higher taxes and royalties on Cobre Panama,” she said. “We continue to expect negotiations between the government and the company to be constructive and that a reasonable solution will be reached.
“And while we are not assuming the worst-case outcome for First Quantum, we have updated our estimates to reflect a higher NPI royalty and nearer-term cash tax payments.”
* CIBC World Markets analyst Robert Bek trimmed his target for Cogeco Inc. (CGO-T) to $101 from $105, maintaining a “neutral” rating, while TD Securities’ Vince Valentini cut his target to $130 from $140 with a “buy” rating. The average is $120.50.
* RBC’s Scott Robertson raised his Chesswood Group Ltd. (CHW-T) target by $1 to $16 with a “sector perform” rating. The average is $18.67.
* JP Morgan analyst John Royall raised his Parkland Corp. (PKI-T) target to $55 from $53, reiterating an “overweight” recommendation. The average is $50.77.
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