The Globe and Mail reports in its Friday edition that Raymond James's Brad Sturges has reaffirmed his "market perform" recommendation for True North Commercial REIT. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sturges knocked his unit target back by $1.25 to $10. Analysts on average target the units at $9.19. Mr. Sturges anticipates True North will face continued volatility in its average physical occupancy rate due to potentially lower retentions during lease renewals, following weaker-than-expected fourth quarter 2023 results. Mr. Sturges says in a note: "True North remains cautious in its internal leasing assumptions, as office lease negotiation timeframes are generally still longer than historical norms. We believe it's significantly more important that True North focuses on improving balance sheet strength, by repaying debt and reducing financial leverage metrics in order to reduce its investment risk profile instead of deploying retained cash flow into buying back stock through its NCIB." Mr. Sturges adds that True North is selling three office buildings for $24-million as part of its "executing opportunistic asset sales" strategy, but it faces near-term financing cost headwinds.