Canaccord Genuity Believes InterRent REIT Un (TSX: IIP.UN) Still Has Room to Grow

By Ryan Adsit

InterRent REIT Un (TSX: IIP.UN), the Financial sector company was revisited yesterday, and remains undervalued for at least one analyst on the street. Analyst Jenny Ma from Canaccord Genuity rated InterRent REIT Un (TSX: IIP.UN) a Buy, setting a C$10.50 price target.

Ma has an average return of 10.4% when recommending InterRent REIT Un.

According to TipRanks.com, Ma is ranked #1666 out of 4706 analysts.

Currently, the analyst consensus on InterRent REIT Un is Moderate Buy and the average price target is C$9.08, representing a 4.0% upside.

In a report issued on November 2, BMO Capital also reiterated a Buy rating on the stock with a C$9 price target.

Based on InterRent REIT Un’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of C$26.36 million and quarterly net profit of C$39.23 million. In comparison, last year the company earned revenue of C$24.1 million and had a net profit of C$11.91 million.

InterRent Real Estate Investment Trust engages in the acquisition, and ownership of multi-residential properties. The company was founded on October 10, 2006 and is headquartered in Ottawa, Canada.

The company’s shares closed on Tuesday at C$8.73, close to its 52-week high of C$8.75.