Parkland downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Parkland (PKIUF) to Market Perform from Outperform with a price target of C$42, down from C$44, after Sunoco (SUN) offered to acquire Parkland for $9B. The offer represents the best near-term outcome for shareholders, particularly given ongoing shareholder overhang and recent operational challenges, the analyst tells investors in a research note. Parkland’s pro forma yield of about 5% is also “attractive”, the firm added.