The Globe and Mail reports in its Thursday, Feb. 21, edition that Desjardins Securities analyst Michael Markidis says Granite Real Estate Investment Trust ($61.70) is "takin' care of business" (all figures Canadian unless otherwise stated). The Globe's David Leeder writes that Mr. Markidis reiterated his "hold" call, while boosting his share target to $64 from $58. Analysts on average target the shares at $61.13. Mr. Markidis says in a research note reviewing the REIT's recent moves to take out a pair of unsecured term loans and $173-million (U.S.) in acquisitions south of the border, "GRT is capitalizing on its underleveraged balance sheet and international portfolio footprint, raising low-cost debt capital to fund acquisition opportunities in the U.S." Citing an "improved" earnings outlook following the deals, he raised his 2020 funds from operations per unit projection to $3.80 from $3.65. Mr. Markidis says, "Based on our full-year 2018 estimate, this represents a two-year CAGR [compound annual growth rate] of 6 per cent." The Globe reported on Jan. 22 that Echelon Wealth Partners analyst Frederic Blondeau rated Granite REIT "buy" in new coverage. Granite units could then be had for $57.30.