The Globe and Mail reports in its Friday, Feb. 16, edition that Desjardins Securities analyst Lorne Kalmar has reiterated his "buy" recommendation for Dream Office REIT. The Globe's David Leeder writes that Mr. Kalmar gave his unit target a $1.50 trim to $8.50. Analysts on average target the units at $10.25. Mr. Kalmar says in a note: "4Q results were overshadowed by a 50-per-cent reduction in the REIT's distribution. Given the uncertainty in the office space, the current leasing environment, and the REIT's elevated payout and leverage ratios, we believe this to be a prudent move by the trust, with management now prioritizing liquidity. That said, we expect the units to react negatively and we remain cautious on the name given the high level of uncertainty currently facing the office market." The Globe reported on Sept. 12 that Canaccord Genuity analyst Mark Rothschild said he was "cautious" on Dream Office, which he rated "hold." The units were then worth $11.96. The Globe reported on Nov. 14 that Mr. Kalmar rated Dream Office "hold." It was then worth $8.64. The Globe reported on Nov. 22 that RBC Capital Markets analyst Pammi Bir continued to rank Dream "sector perform." The units could then be had for $8.86.