The Globe and Mail reports in its Friday, Nov. 17, edition that CIBC World Markets analyst Sumayya Syed continues to rank Slate Office REIT "neutral." The Globe's David Leeder writes that Mr. Syed slashed his unit target by 50 cents to $1. Analysts on average target the units at $1.41. Mr. Syed says in a note: "The success of the realignment plan is contingent on too many uncertain factors: debt markets staying stable, sufficient buyer appetite for Slate's assets in the near term, and valuations coming in line with book values. To the last point, the 'value' in loan-to-value is fairly subjective and should lenders' or buyers' view of value lie below IFRS values, net disposition proceeds could be insufficient to meet deleveraging goals. For instance, our NAV implies D/GBV of 80 per cent vs. the reported 66 per cent, which materially alters the amount of liquidity that can be generated. We expect muted unit performance until the plan shows some sign of success, or until there is broader improvement in the lending environment." The Globe reported on May 4 that Raymond James analyst Brad Sturges had reaffirmed his "market perform" recommendation for Slate Office REIT. The units could then be had for $2.