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RBC Capital Markets LLC initiates coverage of Pure Multi-Family REIT at 'outperform'

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RBC Capital Markets LLC initiates coverage of Pure Multi-Family REIT at 'outperform'

RBC CapitalMarkets LLC analyst MichaelSmith initiated coverage of PureMulti-Family REIT LP with a rating of "outperform," and aprice target of $7.75.

The analystwrote in a research report: "Our rating reflects RUF's high-quality portfolio,attractive growth prospects and management's successful track record. These factorsare mildly tempered by a small market cap, supply headwinds and TSX Venture listing.Our price target is based on a 0–5% premium to our one-year forward NAV of $7.50,in line with RUF's closest peer and a modest premium to Canadian apartment peers.Potential near-term catalysts including: 1) completion of property management internalization(~Q1/18); 2) a TSX listing, possibly within 12-months; and, 3) JVs with institutionalinvestors."