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Investing.com - Desjardins downgraded Choice Properties (TSX:CHP-U) (OTC:PPRQF) from Buy to Hold while maintaining a price target of C$16.00, citing the REIT’s recent unit price performance and valuation.
The downgrade follows what Desjardins described as "another solid result" in the second quarter, with the firm expressing continued confidence in Choice Properties’ ability to generate low- to mid-single-digit funds from operations per unit (FFOPU) growth over the long term.
Specifically, Desjardins projects a 3.3% compound annual growth rate for funds from operations (FFO) from 2025 to 2027 for the real estate investment trust.
The rating change reflects Choice Properties’ year-to-date unit price performance, its relative valuation, and an expected 12-month total return of approximately 14%, which Desjardins now considers fully valued.
Desjardins also noted a broader shift in its preferences away from defensive positions, citing a more optimistic outlook for Canada’s economy as another factor in the downgrade decision.
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