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Investing.com - BTIG initiated coverage on GO Residential REIT (TSX:GO-U) with a Buy rating and a $17.00 price target on Wednesday.
The research firm cited the REIT’s singular focus on the New York City market, particularly in the luxury segment, as a key factor expected to generate positive results for shareholders over time.
BTIG believes GO Residential REIT’s valuation should strengthen as it becomes better known in public markets, executes on strategic objectives, and pursues a possible dual-listing in the U.S. market.
The firm highlighted three growth components for GO Residential: achieving mark-to-market potential in the near term, generating additional NOI growth through strategic renovation capital, and pursuing external acquisitions. BTIG noted that the first two phases don’t require external capital.
BTIG also mentioned that clarity from upcoming New York City mayoral elections will likely bring relief to the REIT’s shares.
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