The Globe and Mail reports in its Wednesday, Nov. 15, edition that Scotia Capital analyst Mario Saric has reaffirmed his "sector outperform" recommendation for Canadian Apartment Properties REIT. The Globe's David Leeder writes that Mr. Saric cut his unit target by a loonie to $55. Analysts on average target the units at $54.61. Mr. Saric says in a note: "We believe the Canadian Apartment Properties REIT reward-risk equation has improved since Q2 results. One risk that remains for sentiment (in our view) -- CAP REIT buying the minority stake in ERES (we think headline of more European exposure would be negative). We believe CAP REIT looks especially attractive to generalists seeking more liquid exposure to Canadian apartments, which we still overweight heading into 2024 (i.e., we think Canadian apartments can do relatively well in both risk-on and risk-off market themes)." The Globe reported on April 12, 2022, Mr. Saric had upgraded CAP REIT to "sector outperform" from "sector perform," citing improving fundamentals. The units could then be had for $51.45. The Globe reported on July 18 that Raymond James's Brad Sturges had cut CAP REIT to "outperform" from "strong buy." The units were then worth $52.51.