Ready for a bounce back
Riocan's share price has taken a huge hit due to COVID-19, but their business is still mostly intact. Many of its tenants are essential businesses (ex. Canadian Tire, LCBO, TD, etc.) which means Ricocan still has a reliable income. Although only about half of the tenants have paid their rent, with Phase 2 starting more of the tenants will be able to pay their rent which will start to bridge the revenue gap they have incurred over the past couple of months.
In addition, the stock is about to hit a strong horizontal support and also hit a strong bullish support on the pullback. Top it all off with an amazing distribution (dividend) that the CEO says will stay unchanged, this is looking like a great buy.
In addition, the stock is about to hit a strong horizontal support and also hit a strong bullish support on the pullback. Top it all off with an amazing distribution (dividend) that the CEO says will stay unchanged, this is looking like a great buy.
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