The Globe and Mail reports in its Wednesday, July 8, edition that Canaccord Genuity has cut Granite Real Estate Investment Trust ($41.75) to "hold" from "buy" and its price target to $44 from $46.25. The Globe's Ahmad Hathout writes in the Eye On Equities column that the rating change followed the the board's June 12 decision to review alternatives to enhance unitholder value. Canaccord believes there could be a sale in the offing, but figures it unlikely. Canaccord says: "The lower target price reflects our updated view that a sale of the REIT is not a sure thing. Combined with an annual distribution of $2.30 per unit or a yield of 5.4 per cent, the forecast total return is 8.9 per cent. With less confidence that the strategic review will lead to a 'value-surfacing' event, we see limited upside. ... In our view, the most realistic and attractive outcome would be for Granite to sell the special purpose properties to Magna International. This would allow the REIT to reduce its exposure to Magna, lower the number of countries in which it operates and transition into a more traditional industrial REIT." Desjardins rated Granite "buy" in The Globe on Dec. 24, 2014. The units were then worth $42.70.