EYE ON EQUITIES / STOCKS THAT SHOULD BE ON YOUR RADAR SCREEN
Avon Products Inc. (AVP-NYSE) Close: $14.45 (U.S.), down 85¢
RBC Dominion Securities analyst Jason Gere cut his target price on the U.S. cosmetic giant after it reported "another disappointing quarter." There is also some indication that a cut to the dividend could come prior to the end of the year, he said. "We believe the stock will continue to be range bound."
Downside: The analyst, who maintains a "sector perform" rating, cut his one-year target by $3 (U.S.) a share to $16.
InterRent REIT (IIP.UN-TSX) Close: $5.32, up 20¢
M Partners analyst Brendon Abrams expects more gains for the real estate investment trust despite its already "spectacular run." The distribution, which has increased to an annualized 16 cents a unit, will attract a larger shareholder base, he suggested.
Upside: He raised his rating on the REIT to a "buy," and increased his one-year target to $6 (Canadian) a share from $5.25.
Torstar Corp. (TS.B-TSX) Close: $8.47, down 13¢
Canaccord Genuity analyst Aravinda Galappatthige cut her target price on the media company because of a weaker advertising environment, sluggish digital revenues and expectations of a softer second half from its Harlequin book division.
Downside: The analyst, who maintains a "hold" rating, reduced the one-year target by $1 a share to $9.75.
Great-West Lifeco Inc. (GWO-TSX) Close: $21.30, up 4¢
The insurance giant's second-quarter earnings of 47 cents a share, excluding extraordinary items, "was in line with consensus, but just below our estimate of 48 cents," said CIBC World Markets analyst Robert Sedran.
Downside: The analyst, who maintains a "sector underperformer" rating, cut his one-year target by $1 a share to $24.
American Tower Corp. (AMT-NYSE) Close: $72.19 (U.S.), up 63¢
The real estate investment trust, which owns cellphone towers, had a solid second-quarter despite currency headwinds and "will remain a safe haven in an otherwise turbulent market," said Canaccord Genuity analyst Greg Miller.
Upside: The analyst, who maintains a "buy" rating, raised his one-year target by $8 (U.S.) a share to $80.