The Globe and Mail reports in its Wednesday, June 4, edition that Desjardins Securities analyst Kyle Stanley downgraded InterRent REIT from "buy" to "hold" due to its acquisition by Carriage Hill Properties, noting the unlikelihood of a better third-party offer but suggesting a possible sweetener. The Globe's David Leeder writes in the Eye On Equities column that Mr. Stanley reiterated his $14 unit target for InterRent. Analysts on average target the units at $13.52. Mr. Stanley says in a note: "The $13.55 bid (approximately 4.8-per-cent cap rate, $300,000/door, 8-per-cent discount to our NAV) sits at the low end of what we previously communicated as a fair valuation range of $13.50 to 15. An evaluation of recent private market transaction activity across InterRent's core markets yielded cap rates in the 4.6- to 4.8-per-cent range and a weighted average per door valuation of $325,000. While the days of hefty portfolio premiums were a product of zero interest rate policy, which are behind us, a valuation closer to our $14.80 NAVPU estimate would offer compensation for InterRent's sector-leading operating platform, in our view." The Globe reported on May 21 that Mr. Stanley rated InterRent "buy." It was then worth $11.76.