Raymond James analyst Brad Sturges downgraded Boardwalk REIT to Outperform from Strong Buy with a price target of C$100, up from C$96. The firm believes the vast majority of Canadian real estate investment trust total return performance in 2024 has been driven by a positive change in the interest rate environment. While interest rates could remain a near-term tailwind for valuations, investor focus will shift back to Canadian economic and underlying property fundamentals, the analyst tells investors in a research note. The firm adjusted two ratings in the group.
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