The Globe and Mail reports in its Friday, July 18, edition that Raymond James analyst Brad Sturges has lowered his recommendation for Dream Industrial REIT to "outperform" from "strong buy." The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Sturges gave his unit target a 75-cent boost to $13.75. Mr. Sturges issued his downgrade mostly because of its recent strong price performance. Mr. Sturges says in a note: "Dream's total return performance has rebounded in recent weeks, after it relatively underperformed earlier in the year. That said, we argue that Dream still screens well given its: 1) strong balance sheet metrics including low financial leverage ratios; 2) diversified tenant base resulting from a strategic focus on small-to mid-bay urban infill industrial real estate can benefit from resilient leasing demand trends; 3) above-average AFFO/unit CAGR of plus 8 per cent; and 4) discount valuation as illustrated by a historically low 2025E P/AFFO multiple. We also believe that a new CAD-US free trade agreement could support a recovery in Dream's P/AFFO multiple valuation, while other potential positive catalysts could include Dream's external asset manager Dream Unlimited."