On Wednesday, George Weston Limited (WN:CN) (OTC: WNGRF) received a slight increase in its price target from BMO Capital Markets. The new target is set at Cdn$221.50, a modest rise from the previous Cdn$220.00, while the Market Perform rating remains unchanged. This adjustment follows the company's third-quarter performance, which was reported to align with expectations.
According to the analyst from BMO Capital, the holding company discount for George Weston is currently around 13%, which shows a decrease from the peak of approximately 20% in April. Despite this reduction, the discount is still at the higher end of the historical range observed last year, which fluctuated from high single digits to low double digits.
The unchanged outlook for George Weston was another point of note in the report. The analyst's decision to revise the price target upward was influenced by recent evaluations of subsidiary Loblaw Companies Limited's post-third-quarter results and an updated target for Choice Properties Real Estate Investment Trust.
George Weston's core operating segments during the third quarter of 2024 met the firm's expectations, which contributed to the decision to adjust the forecasts and target price. The analyst's commentary highlighted this performance as a key factor behind the revised price target.
The report concluded with an overview of the factors leading to the new target. The analyst reiterated that the updated price target reflects the latest estimate revisions for Loblaw and the recent changes in the target for Choice REIT, without altering the company's Market Perform rating.
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