National Bank upgrades RioCan REIT on core portfolio strength

As previously reported, National Bank upgraded RioCan REIT (RIOCF) to Outperform from Sector Perform with a price target of C$19, up from C$18. The firm says the company’s risk perception has improved and it is positioned to benefit from a reversion trade. While uncertainty remains on the portfolio’s periphery, RioCan’s core retail operations remain strong with “peer-leading” leasing spreads and full occupancy, the analyst tells investors in a research note.