The Globe and Mail reports in its Thursday, Nov. 7, edition that TD Cowen analyst Jonathan Kelcher has upgraded InterRent REIT to "buy" from "hold," while keeping a $14 share target. The Globe's David Leeder writes that analysts on average target the shares at $14.20. Mr. Kelcher says in a note: "We view the decline in residential REIT trading prices post the immigration announcement as overdone. Despite the expectation of softer fundamentals, we forecast mid-to-high single-digit SPNOI and AFFO/unit growth for IIP -- in line to slightly ahead of peers. With the stock significantly underperforming peers year-to-date, we now view the valuation as attractive on both an absolute and relative basis. With its year-to-date underperformance (down 14.3 per cent vs. 2.9-per-cent total return for Canadian peers), we view today's valuation as attractive on both an absolute (28-per-cent discount to NAV and 5.2 per cent implied cap rate) and relative basis, with InterRent now trading largely in line with its peers on a forward multiple basis. ... We believe management has multiple levers to pull to maintain mid-single-digit revenue growth, including a temporary shift to a higher occupancy model should industry conditions soften."