Scotiabank downgraded BSR REIT to Sector Perform from Outperform with a price target of $13, down from $17. The analyst says new supply is projected to remain elevated in the first half of 2024 and will only begin to ease off in Q3 of 2024 and onwards. BSR’s relative valuation now screens as reasonable relative to U.S. peers, the analyst tells investors in a research note.
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