Raymond James Financial Downgrades Granite Real Estate Investment Trust (TSE:GRT.UN) to Outperform

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) was downgraded by investment analysts at Raymond James Financial from a “strong-buy” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. They currently have a C$96.00 price objective on the stock, up from their previous price objective of C$93.00. Raymond James Financial’s price target would suggest a potential upside of 10.38% from the stock’s current price.

Several other equities research analysts have also issued reports on the stock. Desjardins increased their target price on shares of Granite Real Estate Investment Trust from C$87.00 to C$89.00 and gave the stock a “buy” rating in a report on Monday, October 6th. BMO Capital Markets raised their price objective on shares of Granite Real Estate Investment Trust from C$84.00 to C$87.00 in a research report on Monday, November 10th. National Bankshares upped their target price on shares of Granite Real Estate Investment Trust from C$85.00 to C$86.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. TD Securities increased their price target on Granite Real Estate Investment Trust from C$88.00 to C$94.00 in a research note on Wednesday. Finally, Royal Bank Of Canada boosted their price objective on Granite Real Estate Investment Trust from C$88.00 to C$90.00 in a research report on Tuesday, November 11th. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Granite Real Estate Investment Trust currently has an average rating of “Buy” and an average target price of C$89.00.

Granite Real Estate Investment Trust Stock Performance

TSE GRT.UN traded up C$0.06 on Wednesday, hitting C$86.97. 39,299 shares of the company traded hands, compared to its average volume of 82,833. The company has a current ratio of 0.35, a quick ratio of 1.61 and a debt-to-equity ratio of 57.74. The business’s 50 day moving average price is C$79.15 and its 200-day moving average price is C$77.30. The company has a market capitalization of C$5.27 billion, a price-to-earnings ratio of 18.39 and a beta of 1.43. Granite Real Estate Investment Trust has a 52-week low of C$55.25 and a 52-week high of C$88.06.

About Granite Real Estate Investment Trust

Granite Real Estate Investment Trust, or Granite, is a real estate investment trust engaged in the acquisition, development, and management of primarily industrial properties in North America and Europe. Granite’s portfolio comprises various manufacturing, corporate office, warehouse and logistics, and product engineering facilities. The vast majority of the company’s assets are logistics and distribution warehouses and multipurpose buildings split fairly evenly amongst Canadian, Austrian, and U.S.