CIBCWorld Markets Corp. analyst Yashwant Sankpal cut his investment opinionof Chartwell RetirementResidences to "sector performer" from "sectoroutperformer," and increased his price target to C$14.50 from C$14.

The analyst wrote in a research report: "While wecontinue to believe that CSH units is the best way to get exposure to Canada'saging population / healthcare trends, and CSH's business is well positioned todominate its space, we feel that the current valuation level is rich (new P/FTMFFO of 16x, in line with CSH's average multiple of last 12 months), and anentry at this level would not generate more than 10% in total returns over thenext 12-18 months. There are other opportunities in the Canadian REIT spacethat can generate better returns on a risk-adjusted basis."