The Globe and Mail reports in its Wednesday, Nov. 12, edition that Scotia Capital analyst Mario Saric is keeping his "sector perform" call on Canadian Apartment Properties REIT intact. The Globe's David Leeder writes that Mr. Saric gave his unit target a $2.50 trim to $45. Analysts on average target the unit at $48.63. Mr. Saric says in a note: "Our neutral thesis is primarily intact following our Q2 results downgrade, with Q3 incentives coming in a bit higher than our forecast (albeit likely more in-line with internal forecast). Despite the fairly notable unit price correction, better visibility into more normalized incentives (and trough asking rents) is critical for us to revisit our prior 'sector outperform' rating, something we don't envision during the slower winter leasing months. ... Lastly, while valuation looks compelling on NAV and appealing on implied cap, its AFFO multiple premium to retail (using FCR/REI as proxy) and office look reasonable given a relatively higher PEG ratio. Bottom-line, we like what management is doing but we think it will take time for the results to show up, especially with a lacklustre condo market acting as a near-term headwind (October stats were not pretty)."