![](https://cdn.benzinga.com/files/imagecache/2048x1536xUP/images/story/2022/05/18/bz-briefs-canada-v3_0.jpg)
- RBC Capital analyst Jimmy Shan has reduced the Canadian Apartment Properties REIT (TSX:CAR) (OTC:CDPYF) price target to C$66 from C$69.
- The analyst maintained the Outperform rating on the shares.
- Shan remarked that 1Q22 reflected a difficult winter but an increasing revenue forecast, which the second half should better reflect. Given the current valuation, NCIB is being considered with asset sales, the analyst noted.
- According to the analyst, the valuation is tricky—a glass-half-full investor considers the inflationary impact on replacement costs and rents, while a glass-half-empty investor considers the negative/thin investment spread impact on cap rates.
- Price Action: CAR.UN shares are trading higher by 0.27% at C$47.84 on TSX on the last check Wednesday.