Wednesday’s analyst upgrades and downgrades - The Globe and Mail

Inside the Market’s roundup of some of today’s key analyst actionsIn Canada’s real estate sector National Bank Financial analysts Matt Kornack and Giuliano Thornhill think 2026 has “thrown bit of everything at us” with conditions notable deteriorating heading into third-quarter earnings season. “After a strong start characterized by rate stability and M&A, the macro environment has been more challenging of late with energy shocks translating into higher inflation/rising bond yields - to be fair Canada has been spared the worst of it, given its exposure to the commodity but also persistent labour slack, relative government debt/deficit levels and an ongoing trade skirmish with the U. S.,” they said. “Nonetheless, rates have moved higher (35 basis points on spot and average NBCCM forecasted figures for the 10-year GCAN bond) while the outlook for rent growth remains static. As such, we took NAV cap rates higher by roughly the delta on yields (adjusted for asset class-specific growth expectations), resulting in lower target prices.