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CIBC World Markets Corp. cuts Chartwell Retirement to 'sector performer'

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."