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On Tuesday, Desjardins analysts downgraded InterRent REIT (TSX:IIP_u) stock from Buy to Hold. This change follows last week’s announcement of an agreement for InterRent REIT to be acquired by Carriage Hill Properties, a collaboration between CLV and GIC, for approximately C$4 billion.
The analysts maintained their price target for InterRent REIT at C$14.00. They noted that the unit price currently reflects much of the potential upside. The market has been trading through the offer price, indicating confidence in the stock’s value.
The acquisition offer is set at C$13.55 per unit. Desjardins analysts suggested that while a superior third-party offer might not be forthcoming, there could be potential for additional value to be added to the current bid.
Investors have responded to the acquisition news, with InterRent REIT shares reflecting the market’s expectations. The analysts’ decision to downgrade the stock aligns with their assessment of the acquisition’s impact on future growth potential.
InterRent REIT’s acquisition by Carriage Hill Properties marks a significant development, with the unit price and market activity closely monitored following the announcement.
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