Inside the Market’s roundup of some of today’s key analyst actions
, seeing both possessing “portfolios of high-quality assets which should benefit from this flight-to-quality trend, positioning them well to outperform the broader office market.”
“Despite the choppy waters ahead, we see several potential positive catalysts for the sector, and for AP and D specifically. In the context of the current environment, we understand that investor appetite for office is somewhat muted. While AP and D are trading at heavily discounted valuations, we believe AP’s record-low valuation excessively discounts the headwinds facing the sector.
“AP owns a portfolio of high-quality, Class I office assets across Canada’s largest major markets, which we believe should outperform the broader market as the flight-to-quality trend accelerates,” he said. “It also owns a portfolio of downtown Toronto data centres, including North America’s third largest Internet exchange point , although management is currently reviewing strategic alternatives for these assets, including a potential sale.
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