07:30 AM EDT, 06/23/2025 (MT Newswires) -- CIBC Capital Markets raised its price target on Primaris REIT (PMZ-UN.TO) to $19 from $17.50.

Analyst Tal Woolley maintained an Outperformer rating on shares of the Canadian shopping centre REIT following the acquisition of Lime Ridge Mall in Hamilton, Ontario for $416 Million and a secondary offering.

"We have adjusted our estimates to reflect the acquisition, which is modestly accretive to FFO/unit initially (in line with the updated guidance offered by PMZ), and increase our price target to... based on 10.6x 2026 P/FFO multiple (an 11% discount to our one-year forward NAV estimate), reflecting PMZ's inherent business risk, growth prospects and balance sheet strength," Woolley said in a note to clients.

"PMZ's ability to transact in this market makes it unique: investors should expect it to continue in volume," the analyst said.

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