Canaccord Genuity Reiterates a Hold Rating on Boardwalk REIT

By Jason Carr

In a new note to investors today, an analyst has provided a rating update for the Financial sector company, Boardwalk REIT (TSX: BEI.UN). Analyst Mark Rothschild from Canaccord Genuity reiterated a Hold rating, with a C$47 price target.

According to TipRanks.com, Rothschild is a 5-star analyst with an average return of 8.9% and a 72.1% success rate. Rothschild covers the Financial sector, focusing on stocks such as Brookfield Property Partners, Glimcher Realty Trust, and Brookfield Asset Mng.

Currently, the analyst consensus on Boardwalk REIT is Hold and the average price target is C$44.79, representing a -6.7% downside.

In a report issued on May 4, Scotiabank also maintained a Hold rating on the stock with a C$45 price target.

Based on Boardwalk REIT’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of C$106 million and GAAP net loss of C$84.69 million. In comparison, last year the company earned revenue of C$113 million and had a net profit of C$56.2 million.

Boardwalk Real Estate Investment Trust is an open-ended real estate investment trust. The company engages in real estate rental market business. It has several residential multi-family apartments on Alberta, Ontario, Quebec and Saskatchewan. The company was founded by Sam Kolias in 1984 and is headquartered in Calgary, Canada.

The company’s shares closed last Friday at $48.01.