The Globe and Mail reports in its Wednesday edition that National Bank Financial analysts Matt Kornack and Tal Woolley have reaffirmed their "outperform" recommendation for Minto Apartment REIT. The Globe's David Leeder writes that Mr. Kornack and Mr. Woolley trimmed their unit target by a loonie to $18. Analysts on average target the units at $19.23. The National Bank stockpickers say in a note: "Demographic tailwinds are broadly favourable for our Canadian apartment coverage universe with a supply/demand imbalance, particularly for affordable housing options. That said, given recent relative trading performance, we continue to see a valuation disconnect in two names that look attractively priced relative to their growth profiles and portfolio quality, namely Minto and Killam Apartment REIT. Minto in particular has been dogged by capital allocation questions. ... Temporarily higher interest rates on variable rate debt have weighed on performance. However, the bulk of this exposure has/is in the process of being refinanced, which will provide better clarity on earnings. The result is an implied cap rate at current trading levels that is disconnected in our view from the underlying growth prospects."