RioCan REIT initiated with an Outperform at Raymond James

Raymond James analyst Brad Sturges initiated coverage of RioCan REIT (RIOCF) with an Outperform rating and C$20.50 price target RioCan’s identified ongoing and future development pipeline as of Q1-end ranked as the 2nd-largest underutilized urban land-banks among the Canadian retail REIT sector, and the firm believes that the underutilized urban land bank provides long-term mixed-use residential intensification development opportunities, the analyst tells investors in a research note. The REIT also offers a stable average economic occupancy rate of 95%-96%, the firm added.