The Globe and Mail reports in its Friday, Oct. 31, edition that RBC Capital Markets analyst Jimmy Shan lowered his recommendation for Morguard North American Residential REIT from "outperform" to "sector perform," citing limited catalysts due to sluggish occupancies. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Shan cut his unit target by a loonie to $21. Mr. Shan says in a note: "We have moderated our 2026 growth outlook primarily from lower occupancy assumptions, resulting in 26E FFO/unit growth of minus 1 per cent. While we still view Morguard North American Residential as a mispriced stock appropriate for long-term minded value investors, we see limited near term catalysts that could drive the stock to outperform given our revised growth outlook and weak market sentiment on apartments on both sides of the border." The Globe reported on Dec. 22, 2023, that Mr. Shan had reaffirmed his "outperform" recommendation and $20 unit target for Morguard. The units could then be had for $14.69. The Globe reported on Aug. 1 that TD Cowen analyst Jonathan Kelcher had an unchanged "buy" call on Morguard. The units could then be had for $18.17.