CIBC upgrades Choice Properties to Outperformer, calls pullback ‘overdone’

As previously reported, CIBC upgraded Choice Properties REIT (PPRQF) to Outperformer from Neutral with a $16.50 price target The firm feels that the pullback in Choice Properties’ stock since the announcement of its deal to acquire $5B of FCR assets “seems overdone.” CIBC maintained its $16.50 price target noting that while it is at the high end of its peer group, it is warranted, citing Choice Properties’ “lower leverage, attractive growth and stable operating performance.”