The Globe and Mail reports in its Wednesday, Aug. 14, edition that Raymond James analyst Brad Sturges has reiterated his "outperform" ranking for Canadian Apartment REIT. The Globe's David Leeder writes that Mr. Sturges bumped his unit target to $59 from $58. Analysts on average target the units at $56.44. Mr. Sturges says in a note: "Canadian Apartment REIT is advancing its transformation path back toward a pure-play Canadian MFR investment opportunity. CAP REIT's capital rotation program offers several strategic benefits, including: 1) high-grading the quality of its Canadian MFR portfolio through purchasing new build, non-rent-controlled Canadian MFR assets; 2) reducing CAP REIT's future maintenance capex; 3) unlocking non-productive, underlying land value that is not fully captured in its NAV/unit estimate; and 4) supporting the creation of affordable MFR supply as a valued development capital partner." The Globe reported on July 18, 2023, that Mr. Sturges had cut CAP REIT to "outperform" from "strong buy." The units were then worth $52.51. The Globe reported on May 15, 2024, that Scotia Capital's Mario Saric had reaffirmed his "sector outperform" call for CAP REIT. The units were then worth $46.65.