The Globe and Mail reports in its Friday, May 1, edition that RBC Capital Markets analyst Jimmy Shan has reaffirmed his "sector perform" recommendation for Morguard North American Residential REIT. The Globe's David Leeder writes in the Eye On Equities column that Mr. Shan hiked his unit target to $20 from $19. Analysts on average target the units at $22. Mr. Shan says in a note: "Reported FFO/unit was 41 cents, down 4.7 per cent year-over-year, vs. RBC/consensus of 38 cents/40 cents. NOI was in line with positive variance due to lower interest from timing of debt refinancing. We expect Canadian portfolio to remain soft given new supply and NPR outflows and U.S. portfolio to show modest improvement through 2026 (Chicago led), resulting in a decline of 6 per cent FFO/unit in 2026. The decline is partially cushioned by accretion from TDAM acquisition with leverage increasing to 56 per cent from 50 per cent." The Globe reported on Dec. 22, 2023, and Oct. 31, 2025, that Mr. Shan had reaffirmed his "outperform" recommendation for Morguard North American Residential REIT. The units could then be had for $14.69 and $17.41.