Boardwalk REIT (BEI.UN:CA)
Analyst Updates
CIBC World Markets maintained its “Buy” rating on Boardwalk with an 12 month price target of $85.00 per share, signaling expectations for steady same-property NOI growth, supported by strong rental demand across key Western Canadian markets. The firm likely views Boardwalk’s exposure to affordable workforce housing as a structural advantage in the current environment of constrained housing supply and elevated homeownership costs. Solid occupancy levels, disciplined capital allocation, and embedded rental upside through turnover and renewals underpin CIBC’s constructive stance.
TD Securities maintained its “Buy” rating with an $85.00 target, indicating alignment with the view that Boardwalk’s fundamentals remain intact. TD likely highlights improving rental rate spreads, stable operating margins, and the REIT’s ability to drive internal growth through repositioning initiatives and selective development opportunities. With balance sheet metrics remaining manageable and liquidity intact, TD sees attractive risk-adjusted return potential at current levels.
Scotiabank also maintained their “Sector Perform” rating with a C$78.00 price target. While acknowledging healthy occupancy trends and supportive rental market dynamics, Scotiabank’s stance suggests a more balanced risk-reward outlook relative to peers. The lower target reflects valuation considerations sensitive to regional economic exposure, particularly in energy-linked provinces or moderating rent growth expectations as affordability pressures intensify.
Overall, the analyst consensus indicates that Boardwalk REIT remains fundamentally sound, with strong operating momentum in Canada’s tight rental housing market. However, divergence in price targets and ratings highlights varying perspectives on valuation upside and macro sensitivity within the residential REIT sector.
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