Analyst action from National Bank Office: Allied Properties REIT (AP.UN-T, “outperform”) to $22 from $19. Average: $22.
Mr. Kornack: “:Office fundamentals have yet to positively inflect and while the space has been oversold we think investors will want more certainty on where NOI is heading before jumping in. That said, it is a place we expect some alpha as any relative sentiment shift could take these names higher (or lower) given operational uncertainty. Allied is our top pick on its diversified geographic footprint across urban markets and superior balance sheet positioning.”