The Globe and Mail reports in its Thursday, Nov. 16, edition that National Bank Financial analyst Matt Kornack has boosted his recommendation for True North Commercial REIT to "sector perform" from "underperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Kornack jacked his unit target ahead by 25 cents to $1.50. Analysts on average target the units at $1.54. In raising his rating Mr. Kornack cites "improved earnings growth and a more compelling implied cap rate given trading performance (8.39 per cent) spread to financing costs on new debt (approximately 6 per cent) and relative to [his] NAV cap rate of 8.25 per cent." On Monday, the REIT reported largely in-line third quarter financial results, including funds from operations of 11 cents, down two cents year-over-year but matching the forecast of both Mr. Kornack and the Street. He called it a "stable" quarter from an operations perspective with the disposition of several properties with low weighted average lease terms (WALT) and spreads "lower but positive." Mr. Kornack says in a note: "Operationally, Q3 was largely in line with our expectations as there was a limited amount of leasing completed in the quarter."