Inside the Market’s roundup of some of today’s key analyst actions

Analysts at TD Cowen think “2026 could be real estate’s turn to outperform.”

“Following two years of wide underperformance comparable to 1998-1999 (which led to four years of subsequent outperformance), REITs increasingly appear ready to regain some market leadership,” said the firm’s real estate equity team, led by Sam Damiani and Jonathan Kelcher.

“Macro changes are hard to predict, but REITs offer attractive and stable yields and growth while biding time until the next catalyst for a bounce in valuations.”

The group said Canadian-listed real estate heads into the new year “on a relatively solid footing, having largely adjusted to the re-setting of interest rates since 2022, lower population growth, and this past year

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