The Globe and Mail reports in its Thursday edition that National Bank Financial analyst Matt Kornack continues to rate RioCan REIT "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Kornack gave his unit target a 50-cent trim to $20.50. Analysts on average target the units $21.63. Mr. Kornack says in a note: "RioCan is our highest total return idea within the retail asset class. We like RioCan REIT for its above-average SPNOI growth outlook vs. peers, comparably cheaper valuation, and limited value attributed to an established development vehicle. We see NOI growth driven by healthy SPNOI performance in the 3-per-cent range, with FFO growth supplemented by significant development completions expected to add incrementally to earnings through NOI contributions or deleveraging on the back of condo sales. The $900-million-plus in proceeds through condo and townhouse sales that RioCan REIT is expected to bring in over the next three years will de-risk the balance sheet and provide capital allocation optionality." The Globe reported on Oct. 25, 2022, and Jan. 30, 2024, that Mr. Kornack continued to rate RioCan REIT "outperform." The units were then going for $18.78 and $18.58.