- Melcor Developments Ltd. MRD MODVF price target has been lowered to C$18 from C$19 by RBC Capital analyst Tom Callaghan.
- The analyst maintained the Sector Perform rating on the shares.
- Callaghan states that there is no change in constructive stance on Melcor Developments following Q1 results.
- The analyst continues to see several tailwinds in both Alberta and the U.S. and remains vigilant to potential risks stemming from global supply chain/inflation issues and rising interest rates.
- Callaghan believes the share price reflects a reasonable margin of safety and sees an increasingly bullish picture emerging should momentum continue into the back half of 2022.
- Price Action: MRD shares are trading higher by 2.74% at C$13.86 on TSX on the last check Wednesday.
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