Canadian Apartment Properties REIT (TSE:CAR.UN) Price Target Raised to C$58.00 at CIBC

Canadian Apartment Properties REIT (TSE:CAR.UN) had its target price lifted by equities research analysts at CIBC from C$55.00 to C$58.00 in a report released on Wednesday, BayStreet.CA reports. The brokerage currently has a “neutral” rating on the stock. CIBC’s target price suggests a potential upside of 7.19% from the stock’s current price.

A number of other analysts have also commented on CAR.UN. Cormark lifted their price target on Canadian Apartment Properties REIT from C$56.00 to C$57.00 in a report on Tuesday, August 13th. TD Securities boosted their target price on Canadian Apartment Properties REIT from C$60.00 to C$62.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Scotiabank boosted their target price on Canadian Apartment Properties REIT from C$54.00 to C$54.25 in a research note on Friday, August 9th. Raymond James boosted their target price on Canadian Apartment Properties REIT from C$59.00 to C$61.00 in a research note on Friday, September 6th. Finally, BMO Capital Markets boosted their target price on Canadian Apartment Properties REIT from C$57.00 to C$61.00 and gave the company an “outperform” rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of C$57.81.

Canadian Apartment Properties REIT Stock Performance

Canadian Apartment Properties REIT stock traded down C$0.59 during mid-day trading on Wednesday, reaching C$54.11. 166,834 shares of the company’s stock were exchanged, compared to its average volume of 372,489. The business’s fifty day simple moving average is C$50.38 and its 200 day simple moving average is C$46.97. The firm has a market capitalization of C$9.05 billion, a PE ratio of -169.09, a P/E/G ratio of -10.12 and a beta of 1.23. Canadian Apartment Properties REIT has a one year low of C$40.52 and a one year high of C$56.71. The company has a quick ratio of 0.16, a current ratio of 0.36 and a debt-to-equity ratio of 76.05.

About Canadian Apartment Properties REIT

CAPREIT is Canada’s largest publicly traded provider of quality rental housing. As at December 31, 2023, CAPREIT owns approximately 64,300 residential apartment suites, townhomes and manufactured home community sites that are well-located across Canada and the Netherlands, with approximately $16.5 billion of investment properties in Canada and Europe.