The Globe and Mail reports in its Friday, Aug. 4, edition that Echelon Capital analyst David Chrystal cut his ranking on European Residential REIT to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Chrstal gave his unit target a 45-cent trim to $3.30. Analysts on average target the units at $3.80. The Globe says Mr. Chrystal sees the potential need for "significant" asset dispositions. Mr. Chrystal says in a note: "We expect that higher interest expense will be a headwind for the next several years. 2023 debt maturities have been fully addressed, and 2024 maturities represent just 9 per cent of total mortgages. ... European Residential continues to trade at a steep NAV discount (39 per cent) vs. the Canadian multi-family peer group at 12 per cent. However, we note that the European peers are trading at discounts in the 40- to 50-per-cent range. Though fundamentals and operations remain strong, we believe that the NAV discount will persist until either (1) interest rates return to prepandemic levels, or (2) significant asset dispositions (including full portfolio sale) are completed. We are reducing our price target to $3.30 based on a 30-per-cent NAV discount."