The Globe and Mail reports in its Tuesday, July 18, edition that Raymond James analyst Brad Sturges, after a fresh review of the real estate investment trust sector, has upgraded Granite REIT to "strong buy" from "outperformer." The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Sturges is sticking with his $96 unit target. Mr. Sturges attributed the upgrade to a recent pullback in the unit price. Mr. Sturges says in a note: "After a strong start to the year that partly benefited from capital rotation into Granite after the Summit Industrial Income REIT privatization by GIC and DIR in early 2023 YTD, Granite's unit price has given back some ground in the past few months. We believe Granite is well positioned to generate 10 to 13 per cent 2023-24 adjusted funds from operations/unit growth YOY, driven by capturing higher in-place rents YOY, contributions from its near-term development program, and F/X tailwinds from a relatively weaker Canadian dollar YOY." The Globe reported on March 14 that Desjardins Securities analyst Kyle Stanley had reiterated his "buy" recommendation for Granite REIT. Granite units were then going for $85.29.