Scotiabank analyst Himanshu Gupta downgraded Nexus Industrial REIT (EFRTF) to Sector Perform from Outperform with a price target of C$7, down from C$8.50, citing the view that industrial fundamentals are likely to take longer to recover and that an AFFO payout normalization is pushed out in the current environment. The firm cut estimates across Industrial REITs, the analyst noted.
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