The Globe and Mail reports in its Thursday, May 12, edition that iA Capital Markets analyst Johann Rodrigues is boosting his recommendation for InterRent REIT to "strong buy" from "buy." The Globe's David Leeder writes that Mr. Rodrigues continues to target the units at $20. Analysts on average target the units at $18.81. Citing strong sector fundamentals and "insane" valuations, Mr. Rodrigues calls InterRent a "must-own REIT." Mr. Rodrigues says in a note: "It was universally accepted that multi-family fundamentals prepandemic were among the strongest they had ever been, with peak immigration and constrained supply growth leading to sizeable mark-to-market gaps and robust rent growth. We would contend that with the pandemic in the rear view, fundamentals are stronger than ever. The Federal government's immigration target for the year (432K) would set a new all-time high by 8 per cent (vs. 2019) and new supply is being hit with cost inflation and labour shortages." Mr. Rodrigues thinks "fundamentals remain as strong as ever and cap rates have yet to budge, especially in urban markets." However, InterRent now trades at a 25-per-cent discount to net asset value, or "the largest since the Great Financial Crisis."