The Globe and Mail reports in its Wednesday, May 15, edition that Scotia Capital analysts Mario Saric has reaffirmed his "sector outperform" recommendation for Canadian Apartment Properties REIT. The Globe's David Leeder writes that Mr. Saric gave his unit target a 25-cent boost $53.75. Analysts on average target the shares at $56.09. Mr. Saric says in a note: "We maintain our SO rating and most key estimates on a slight Q1 FFOPU beat (2 per cent) -- 8-per-cent year-over-year growth, the highest growth in four years and a big step up on an LTM [last 12-month] basis. Looking forward, we expect accelerated growth starting in Q2/24, but CAP REIT is also the only apartment REIT where our 2025 year-over-year growth [is greater than] 2024 estimates. In addition to the expected earnings growth acceleration, we remain constructive on CAP REIT given the downside protection it offers (cheap major-market rent with large MTM rent gap) should the economy correct, a reasonable PEG ratio (2.5 vs. 3.4 sector average), and a management team willing to aggressively recycle capital to drive NAVPU growth. Near-term catalysts include the potential sale of its MHC portfolio and other non-core assets and a narrowing in the growth gap."