Mizuho analyst Haendel St. Juste initiated coverage of Tricon Residential with a Buy rating and $9 price target, implying 19% return potential plus a 3% dividend yield. While Tricon has "structural idiosyncrasies" and higher leverage, this is partially offset by favorable demand drivers and greater earnings potential, the analyst tells investors in a research note. Longer-term, the firm believes Tricon can narrow its valuation gap versus peers as its delivers on key objectives of deleveraging and growing fee streams.
Published first on TheFly
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