Wolfe Research Upgrades Tricon Residential inc. (TCN) to Outperform

Wolfe Research analyst Keegan Carl upgraded Tricon Residential inc. (NYSE: TCN) from Peerperform to Outperform, PT $9.25.

The analyst comments "In this note, we are upgrading Tricon Residential (TCN) to Outperform. We have several drivers behind our decision to upgrade the stock, including (1) We believe the bottom is in on the stock, both from an ability to operate (including its external growth plan) and an earnings standpoint given (2) we think the stock has attractive growth as we look towards 2024 with (3) incremental upside should the capital markets stabilize, which would help from both an interest expense standpoint and the potential for further accretion from acquisitions. We also note that 2023 guidance on SS metrics looks much better for TCN relative to AMH and INVH, which in part is driven by the company's focus on lower turnover levels due to favorable renewal rates."

For an analyst ratings summary and ratings history on Tricon Residential inc. click here. For more ratings news on Tricon Residential inc. click here.

Shares of Tricon Residential inc. closed at $7.67 yesterday.

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