In a report released yesterday, Michael Van Aelst from TD Cowen maintained a Buy rating on George Weston, with a price target of C$121.00.
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Michael Van Aelst has given his Buy rating due to a combination of factors tied to George Weston’s underlying assets and capital allocation. He highlights attractive upside potential in both Loblaw and Choice Properties, combined with the current holding‑company discount being wider than its historical norm, creating an appealing entry point as that gap narrows toward the level he uses in his valuation.
He also points to strong and improving corporate free cash flow, which modestly exceeded expectations this quarter and is projected to remain robust over the next few years. Van Aelst expects this cash generation to comfortably support dividends while funding substantial share repurchases, reinforcing his positive view on shareholder returns and underpinning his Buy recommendation.