The Globe and Mail reports in its Tuesday, April 15, edition that National Bank Financial analyst Matt Kornack has downgraded Nexus Industrial REIT to "sector perform" from "outperform." The Globe's David Leeder writes that Mr. Kornack gave his unit target a $2 trim to $6.75. Analysts on average target the units at $8.25. Mr. Kornack says in a note: "We are moving to a 'sector perform' rating on the back of a tough period for trading of industrial names and in the context of a broader move to a more select focus list as a result of a cloudy economic outlook combined with a less favourable long-term bond yield environment. Relative valuation less compelling vs. a heavily discounted peer set. Even with a high implied cap rate, we need to see a more sizable spread versus larger, better structured (leverage and payout ratio) and more liquid peers in order to justify an 'outperform' rating. At current trading levels, Nexus Industrial REIT is actually more expensive than Dream Industrial REIT and only offers a modest positive variance to Granite REIT." The Globe reported on March 13 that Scotia Capital analyst Himanshu Gupta continued to rate Nexus Industrial REIT "sector outperform." It was then worth $7.02.