RBC Capital Trims Melcor Developments Price Target By 5%

May 11, 2022 3:30 PM | 1 min read

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.