RBC Capital Trims Melcor Developments Price Target By 5%

• Melcor Developments Ltd. (TSX:MRD) (OTC: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.