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Investing.com - Raymond (NSE:RYMD) James raised its price target on Chemtrade Logistics Income Fund (TSX:CHE-U) (OTC:CGIFF) to C$16.00 from C$15.00 on Monday, while maintaining an Outperform rating on the stock.
The price target increase follows what Raymond James described as an "outsized beat & raise print" from the company, indicating strong financial performance that exceeded expectations.
Raymond James cited Chemtrade’s strategic acquisition of Polytec (VIE:POLV), a provider of water treatment solutions in the U.S. southeast, as another factor supporting the higher valuation.
The firm also highlighted Chemtrade’s attractive pipeline of organic growth opportunities, robust balance sheet, and active share buyback program as additional reasons for the positive outlook.
Raymond James noted that Chemtrade currently trades at a discounted valuation relative to its total return prospects, further supporting the Outperform rating.
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