The Globe and Mail reports in its Friday, Oct. 20, edition that Scotia Capital analyst Himanshu Gupta has reaffirmed his "sector outperform" recommendation for Granite REIT. The Globe's David Leeder writes in the Eye On Equities column that Mr. Gupta gave his unit target a $3 trim to $88. Analysts on average target the units at $95.50. The Globe says Mr. Gupta tweaked his unit target following a recent tour of the REIT's properties in the United States. Mr. Gupta says in a note: "We came back incrementally positive on Granite REIT. ... We were impressed with the quality of the portfolio, selection of sub-markets and emphasis on tenant quality. We think Granite REIT has a well-established operating platform across U.S. (and in Canada and Europe) and noticed 'bench strength' of the management team. Despite weaker macro and higher bond yields, we stick to the basics and note that Granite REIT can generate superior AFFOPU [adjusted funds from operations per unit] growth at a lower leverage and yet trades at a valuation similar to REIT sector." The Globe reported on July 23 that Mr. Gupta had reaffirmed his "sector perform" call for Granite REIT when it could be had for $80.22, or $13 ahead of Thursday's close.