The Globe and Mail reports in its Thursday, Feb. 19, edition that Raymond James analyst Brad Sturges lowered his recommendation for First Capital REIT to "market perform" from "outperform" but modestly raised his unit target to $22.50 from $21.75. The Globe's Darcy Keith writes in the Eye On Equities column that analysts on average target the units at $22.45. The downgrade came after First Capital reported fourth quarter results, which featured funds from operations of 34 cents per unit, up 7 per cent from a year ago and in-line with expectations. Mr. Sturges tied his rating downgrade primarily to the REIT's total return outperformance in the past 12-plus months compared with peers. Mr. Sturges says in a note: "After a period of P/AFFO multiple expansion, First Capital's relative valuation has regained its historical P/AFFO multiple premium (i.e. four to five times turns) versus its Canadian retail peers. We note that First Capital may face tougher YoY comps after generating very strong operating performance in 2025." The Globe reported on Oct. 18 Mr. Sturges started coverage on First Capital with an "outperform" ranking and $20.50 unit target. The units were then going for $18.21.