The Globe and Mail reports in its Tuesday edition that Canaccord Genuity analyst Jenny Ma says Chartwell Retirement Residences REIT's "strong" results and "healthy" outlook are already priced into the stock. The Globe's David Leeder writes in the Eye On Equities column that Ms. Ma downgraded Chartwell to "hold" from "buy" based on valuation and a reduced forecasted return, despite it reporting stronger-than-expected fourth quarter financial results on Feb. 23. She says in a note: "The healthy year-over-year growth was underpinned by accretive acquisitions and development completed over the past year, internal growth of 2.2 per cent, interest expense savings from refinancing debt at lower rates, and higher management fees as additional incentive fees for 2016 were earned. Partly offsetting these items were higher G&A expense due to higher unit-based compensation expense and staffing costs." Ms. Ma maintained a price target of $16 per unit. Analysts on average target the shares at $12.56. Ms. Ma says: "We believe Chartwell remains well positioned to grow its per unit cash flow at an above-average pace, which should support continued distribution growth. In our view, Chartwell should trade at a premium to NAV."