The Globe and Mail reports in its Thursday edition that National Bank Financial analyst Matt Kornack has reaffirmed his "outperform" recommendation for Canadian Apartment Properties REIT. The Globe's David Leeder writes that Mr. Kornack gave his unit target a $4 trim to $56. Analysts on average target the units at $57.22. Mr. Kornack says in a note: "CAP REIT's exposure to the GTA and GVA represents 50-plus per cent of total AMR, making it the most concentrated to Canada's high-growth urban markets where land values remain high, which we believe will limit the potential for a near-to-medium term supply response entrenching upward rent trajectories. Despite a change in tone on immigration, Canada's urban cores will continue to benefit from population growth as the GTA/GVA being the destination for the majority of immigrants, so while nationally immigration is slowing, Canada's largest cities will continue to experience excess demand for rental housing. In addition to the operational tailwinds, we expect CAP REIT to outperform from funds inflows into the sector if/when short-term rates decline as CAP REIT is the top weighting in the REIT index at 15 per cent and a net beneficiary of generalist/retail funds flows."