The Globe and Mail reports in its Tuesday, Jan. 9, edition that Raymond James analyst Brad Sturges has downgraded his recommendation for European Residential REIT to "market perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sturges bumped his unit target by a dime to $2.85. Analysts on average target the units at $3.17. Mr. Sturges says in a note: "In December, European Residential REIT announced the conclusion of its strategic review, which did not produce a M&A privatization transaction. While we do not view this near-term outcome as surprising given we expected a fairly lengthy process, we believe another sales process may not be revisited until 2H24 at the earliest if market conditions for private market transactions in the Netherlands improve. In the meantime, we forecast the REIT to generate only modest 2024E AFFO/unit growth YoY, as same-property rental income (SP-NOI) growth YoY could be largely offset by higher financing costs YoY based on the potential for European Residential to face above-average financing costs headwinds in the next few years as the REIT refinances maturing debt at higher market interest rates."