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Canaccord Genuity Inc. upgrades Granite REIT to 'buy'

Canaccord Genuity Inc. analyst upgraded hisinvestment opinion of GraniteREIT to "buy" from "hold," and increased hisprice target to C$48 from C$41.

The analyst wrote in a research report: "We believethat as management executes on growing the REIT's portfolio and diversifyingaway from Magna, the discount to NAV could disappear completely. Reflecting the22% return to our target price, we are raising our rating for Granite REIT to BUYfrom HOLD. Surprisingly, Magna is now renewing its lease at three of the fourproperties for which it had earlier chosen not to exercise its renewal option.Leases at Magna's head office in Aurora, Ontario, and 50 Casmir Court inConcord, Ontario, will be renewed for six years albeit with a rent roll-down;and, the lease at the 2550 Steeles Ave. E. facility in Brampton, Ontario, willbe renewed for 10 years."