The Globe and Mail reports in its Wednesday, Aug. 16, edition that BMO Capital Markets analyst Michael Markidis is keeping his "outperform" call on Granite REIT intact. The Globe's David Leeder writes in the Eye On Equities column that Mr. Markidis slashed his unit target by $7 to $91. Analysts on average target the units at $95.50. Mr. Markidis says in a note: "We believe the adjustment appropriately reflects (1) the FFOPU shortfall and (2) our more conservative assumptions with respect to the lease-up of recently developed/acquired space. Our revised FFOPU [funds from operations per unit] for 2023 sits at the lower end of Granite's guidance range ($4.90 to $5.05) yet still implies 11-per-cent year-over-year growth. Leasing announcements in the back half of this year could drive upside to our outlook (up 6 per cent year-over-year) for 2024." The Globe reported on Dec. 15, 2020, that Mr. Markidis was bullish on Granite REIT, which he upgraded to "buy" from "hold." He called Granite REIT "the best-performing stock in our coverage universe." The units were then going for $77.65. The Globe reported on Feb. 14, 2023, that Mr. Markidis rated Granite REIT "outperform." It was then worth $83.22.