The Globe and Mail reports in its Tuesday edition that Raymond James analyst Brad Sturges, after a fresh review of the real estate investment trust sector, has lowered his recommendation for Canadian Apartment Properties REIT to "outperform" from "strong buy." The Globe's Darcy Keith writes that Mr. Sturges raised his unit target by a loonie to $61. The Globe says Mr. Sturges linked the downgrade to CAP REIT's significant unit outperformance in the first half of 2023. Mr. Sturges says, "Our 'outperform' rating for CAP REIT still reflects CAP REIT's active near-term capital rotation and allocation program that we believe can create further unitholder value." The Globe's John Heinzl was keen on CAP REIT on Sept. 3, 2022, when the units were worth $44.56. The Globe reported on Nov. 11, 2022, that Echelon Capital analyst David Chrystal had reaffirmed his "buy" recommendation for CAP REIT. The units could then be had for $44.18. The Globe reported on Jan. 23, 2023, that iA Capital Markets analyst Gaurav Mathur rated CAP REIT "buy." In the item he said, "While the sector will continue to remain in risk-off mode, we may begin to see a risk-on sentiment at some point in 2023." The units were then going for $47.63.