Raymond James Cuts Canadian Apartment Properties REIT (TSE:CAR.UN) Price Target to C$56.60

Canadian Apartment Properties REIT (TSE:CAR.UN) had its target price cut by stock analysts at Raymond James from C$60.00 to C$56.60 in a report issued on Wednesday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Raymond James’ target price indicates a potential upside of 32.15% from the company’s current price.

Other research analysts also recently issued research reports about the stock. National Bankshares dropped their price objective on shares of Canadian Apartment Properties REIT from C$60.00 to C$56.00 and set an “outperform” rating on the stock in a report on Wednesday. Laurentian set a C$55.00 target price on shares of Canadian Apartment Properties REIT and gave the company a “buy” rating in a research report on Monday, January 22nd. Scotiabank decreased their target price on shares of Canadian Apartment Properties REIT from C$55.00 to C$53.75 and set an “outperform” rating on the stock in a research report on Monday, March 25th. CIBC lifted their target price on shares of Canadian Apartment Properties REIT from C$50.00 to C$55.00 and gave the company a “neutral” rating in a research report on Monday, February 26th. Finally, TD Securities lifted their target price on shares of Canadian Apartment Properties REIT from C$61.00 to C$62.00 and gave the company an “action list buy” rating in a research report on Monday, February 26th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of C$56.37.

Canadian Apartment Properties REIT Stock Performance

TSE:CAR.UN opened at C$42.83 on Wednesday. The firm’s 50-day moving average is C$46.79 and its 200-day moving average is C$46.74. Canadian Apartment Properties REIT has a 52-week low of C$40.52 and a 52-week high of C$54.60. The company has a debt-to-equity ratio of 76.65, a quick ratio of 0.16 and a current ratio of 0.19. The company has a market cap of C$7.18 billion, a price-to-earnings ratio of -17.63, a PEG ratio of -10.12 and a beta of 1.18.

About Canadian Apartment Properties REIT

CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities (?MHC?) primarily located in and near major urban centres across Canada. As at March 31, 2019, CAPREIT had owning interests in 53,143 residential units, comprised of 45,446 residential suites and 45 MHC, comprising 7,697 land lease sites.