The Globe and Mail reports in its Friday, April 12, edition that Desjardins Securities analyst Lorne Kalmar rates Sienna Senior Living "buy" in new coverage. The Globe's David Leeder writes in the Eye On Equities column that Mr. Kalmar set a share target of $15.50. Analysts on average target the shares at $14.23. Mr. Kalmar says in a note: "Sienna Senior owns and operates a combined portfolio of retirement residences and long-term care (LTC) homes (50/50 NOI split). Geographically, Sienna's portfolio is heavily concentrated in Ontario, where approximately 80 per cent of its suites/beds are located, while the rest of the portfolio is split between B.C. and Saskatchewan. In our view, Sienna's portfolio mix presents investors with a compelling risk/reward balance, as exposure to the higher-margin retirement segment is partially hedged by its exposure to the more stable LTC segment. While investors may not have all the upside of a pure-play retirement home portfolio, there is downside protection via its LTC portfolio. Sienna also offers investors access to one of the largest seniors housing operating platforms in Canada and we view the recent rebranding of its retirement and LTC platforms favourably."