The Globe and Mail reports in its Wednesday, Oct. 25, edition that National Bank analyst Matt Kornack has reaffirmed his "outperform" recommendation for Minto Apartment REIT. The Globe's David Leeder writes in the Eye On Equities column that Mr. Kornack gave his unit target a 75-cent trim to $17.25. Analysts on average target the units at $18.83. Mr. Kornack says in a note: "Apartment REITs with exposure to densely populated urban cores have benefitted from outsized increases in market rents over the past two years and a lagging supply response. Low land availability in these markets is supportive of elevated values and deep discounts to replacement cost are generating asset sales with negative spreads to financing costs as investors increasingly price sustained above inflationary rent growth. We favour Minto and CAR given their substantial exposure these core urban markets. Minto also offers investors a higher going-in yield with an improving earnings growth trajectory as it terms out its balance sheet. Considering Minto's relative asset quality and growth prospects, we believe current trading levels represent a valuation mismatch given their current mid-5-per-cent implied cap rate and 14 times FFO/u multiple."