Dream Office REIT price target lowered to C$17.50 from C$18 at CIBC

CIBC analyst Tal Woolley lowered the firm’s price target on Dream Office REIT (DRETF) to C$17.50 from C$18 and keeps a Neutral rating on the shares after assuming coverage of the name. The firm could revisit its forecasts and rating given the high operating and financial leverage in the office REIT model if the volatile macro environment settles down and future occupancy gains come consistently at better-than-expected net effective rents, the analyst tells investors in a research note. Dream Office REIT’s limited public float and concentrated ownership could possibly lead to bigger strategic action in the future, the firm says.