Boardwalk REIT: Solid Fundamentals, Defensive Portfolio Support Continued Buy Rating and Attractive Upside

TD Cowen analyst Jonathan Kelcher maintained a Buy rating on Boardwalk REIT today and set a price target of C$85.00.

Jonathan Kelcher has given his Buy rating due to a combination of factors that point to continued strength in Boardwalk REIT’s fundamentals and outlook. He notes that the trust delivered a slightly better‑than‑expected Q4 performance and that management’s new guidance, while acknowledging some moderation ahead, still supports attractive earnings and cash‑flow growth relative to peers.

Kelcher also highlights that the C$85.00 target price offers a compelling total return from current levels, underpinned by a solid balance sheet and disciplined capital allocation. In his view, Boardwalk’s consistent net asset value creation over recent years, combined with its defensive residential portfolio and reasonable valuation, justifies a positive stance and supports the continuation of a Buy recommendation.

In another report released on February 4, TipRanks – PerPlexity also reiterated a Buy rating on the stock with a C$79.00 price target.