The Globe and Mail reports in its Friday, Feb. 13, edition that Desjardins Securities analyst Lorne Kalmar has reiterated his "buy" recommendation for First Capital REIT. The Globe's David Leeder writes in the Eye On Equities column that Mr. Kalmar bumped his unit target ahead by a loonie to $23. Analysts on average target the units at $22.63. Mr. Kalmar says in a note: "First Capital REIT capped off 2025 with another strong quarter. SPNOI growth is poised to moderate in 2026 as it laps a difficult 2025, though we expect growth to accelerate in 2027. We forecast ND/EBITDA to decline to sub-eight-times by 4Q27 (excluding the impact of condo profits). While the stock has performed well, it continues to trade at a discount to its LTA FFO multiple, which we view as unjustified considering the current operating environment and improved leverage profile." The Globe reported on Oct. 31, 2024, Aug. 1, 2025, and Jan. 16, 2026, that Mr. Kalmar continued to rate the units "buy." The units could then be had for $18.07, $18.63 and $19.87.