The Globe and Mail reports in its Wednesday, May 4, edition that Raymond James analyst Ken Avalos downgraded his rating for InterRent Real Estate Investment Trust ($7.47), citing the desire to "await a more attractive entry point." The Globe's David Leeder writes in the Eye On Equities column that in moving the REIT to "market perform" from "outperform," Mr. Avalos says the REIT has had a "terrific" start to 2016, rising 16 per cent in price in comparison with a 13-per-cent increase for the TSX Capped REIT Index. Mr. Avalos says in a note: "InterRent has been among the strong performers in the Canadian real estate space from a same-property NOI [net operating income] and NAV [net asset value] growth perspective over the last year, thanks in large part to management's ability to create value through upgrades and redevelopment of assets. We estimate the REIT has grown NAV 10 per cent annualized over the last four years." Mr. Avalos continues to target the units at $7. Analysts on average target the units at $7.80. The Raymond James stockpicker says, "We believe the REIT has better than average NAV growth prospects, but we think the current implied valuation captures much of the near-term cash flow growth."