** BMO Capital Markets upgrades REIT Centerspace CSR.N to "outperform" from "market perform", PT remains unchanged at $77

** Brokerage says the company has some risks such as having too much debt and being concentrated in a few markets, but it's still a relatively safe investment

** Says co's main markets, Minneapolis and Denver, are expected to see slower growth in new apartments, which could help the company's rents and profits

** CSR could benefit if there are mergers and acquisitions in the apartment industry - brokerage

** Brokerage flags risks to CSR due to its high debt and difficulty making profitable purchases

** Four out of 11 brokerages rate the stock "buy" or higher, 7 rate "hold" and their median PT is $73 as per LSEG data

** Including session's moves, CSR stock down 8.4% YTD

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com))