Extendicare initiated with a Buy at Desjardins

Desjardins initiated coverage of Extendicare (EXETF) with a Buy rating and C$34.50 price target The firm believes that Extendicare’s shift toward seniors care services, combined with an aging Canadian population, has “significantly enhanced the company’s growth profile.” Desjardins forecasts double-digit earnings CAGRs for EBITDA, EPS and FFO, and sees “further upside in the stock” despite its significant price appreciation over the last two years.