Wolfe Research Starts Tricon Residential inc. (TCN) at Peerperform

Wolfe Research analyst Keegan Carl initiates coverage on Tricon Residential inc. (NYSE: TCN) with a Peerperform rating.

The analyst comments "We are initiating on Tricon Residential (TCN) at Peer Perform. TCN is a SFR and multifamily owner and operator (more than 35,000 units), through both its wholly owned portfolio and a number of JVs. The SFR space as a whole has a number of favorable tailwinds behind it, including a challenging housing market for prospective buyers, a migration to the Sun Belt, and strong operational metrics since the onset of the pandemic. While we expect the company to end 2022 in a strong manner, we believe that 2023 growth will be challenged for TCN. In part this is due to the structure of the JVs and reliance on external growth to drive earnings growth. In addition, the company is facing some headwinds in the financing market, both from its exposure to floating rate debt to grow its portfolio, as well as the securitization market."

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 $8.39 yesterday.

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