Raymond James analyst Brad Sturges upgraded Parkit Enterprise to Outperform from Market Perform with a price target of C$0.60, down from C$0.70. The upgrade reflects the company’s steep NAV/share discount and attractive ~9.6% implied cap rate valuation, combined with greater 2024E SP-NOI growth prospects due the company’s increased industrial lease rollover exposure next year with in-place rents per square foot well below forecasted market rents, the analyst tells investors in a research note.
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