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TD Securities Inc. initiates coverage of Milestone Apartments REIT at 'buy'

TDSecurities Inc. analyst Jonathan Kelcher initiated coverage of with a rating of "buy," and a price target of C$22.

The analyst wrote in a research report: "Milestone iscurrently trading at a 6.5-multiplepoint discount versus what we view as itsclosest peers on 2017E AFFO. On a P/NAV basis, Milestone is trading at a 13%discount versus a 1% discount for its closest peers. We expect the valuation gapto narrow, as the REIT continues to demonstrate its ability to generate bothAFFO/unit and NAV/unit growth. We believe that based on its solid earningsgrowth outlook and relative valuation, the current unit price represents anattractive entry point."