Tuesday, 15 November 2011

Carfinco Price Target Upped To $11.50

Carfinco Income Fund
TSX: CFN.UN
Units outstanding: 24.61 million
Units fully diluted: 24.65 million
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Immediately following Carfinco reporting its 10th consecutive quarter of record pre-tax earnings, analyst Fred Westra from Industrial Alliance Securities updated his coverage and target price from $9.50 to $11.50.

Mr. Westra mentioned in his report dated November 10th, "We view CFN as not only a good defensive play in volatile markets given its strong credit quality, favourable demographics and used auto sales trends, but as an attractive growth story despite the economic headwinds."

The units have shown considerable strength over the past week moving from the $6.30 range to $6.80 as of this writing.

The full report can be viewed by clicking here....