The Globe and Mail reports in its Wednesday, Jan. 17, edition that CIBC World Markets analyst Sumayya Syed has commenced coverage on Pro REIT with an "outperformer" recommendation and a $6.25 unit target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the units at $5.86. Ms. Syed says in a note: "We believe the REIT's progress toward becoming an industrial pure-play is underappreciated and units still trade at the diversified holdco discount. Even as repositioning has slowed given the quiet transaction environment, we see attractive growth in its Eastern Canada industrial markets. We believe valuation can improve as exposure to office and retail declines. At 20 per cent below NAV and an 8.7-per-cent yield, valuation is attractive. Experienced and internalized management, and little to no development or refinancing risk, round out our positive view." The Globe reported on Feb. 2, March 25 and June 2 that National Bank Financial analyst Matt Kornack rated Pro REIT "sector perform." The units were then worth $6.40, $5.87 and $5.19. The Globe reported on Sept. 15 that Echelon Partners analyst David Chrystal rated Pro REIT "buy" in new coverage. It was then worth $5.05.