Scotiabank analyst Himanshu Gupta upgraded BSR REIT to Outperform from Sector Perform with a price target of $16.50, up from $15.50. The firm recommends buying the Sunbelt just ahead of market rent growth reaching an inflection point. BSR unit price tends to move hand-in-and with effective market rent growth and Scotiabank expects market rent growth to turn positive year-over-year in Q4 and then improve in Q1 and onward, the analyst tells investors in a research note.
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