Scotiabank Raises Canadian Apartment Properties REIT (TSE:CAR.UN) Price Target to C$55.75

Canadian Apartment Properties REIT (TSE:CAR.UN) had its price objective upped by stock analysts at Scotiabank from C$54.25 to C$55.75 in a research note issued on Wednesday, BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Scotiabank’s target price indicates a potential upside of 3.03% from the stock’s previous close.

A number of other research analysts also recently weighed in on CAR.UN. Cormark upped their price objective on shares of Canadian Apartment Properties REIT from C$56.00 to C$57.00 in a research report on Tuesday, August 13th. CIBC upped their price objective on shares of Canadian Apartment Properties REIT from C$55.00 to C$58.00 and gave the stock a “neutral” rating in a research report on Wednesday. Raymond James upped their price objective on shares of Canadian Apartment Properties REIT from C$59.00 to C$61.00 in a research report on Friday, September 6th. BMO Capital Markets upped their price target on shares of Canadian Apartment Properties REIT from C$57.00 to C$61.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Royal Bank of Canada upped their price target on shares of Canadian Apartment Properties REIT from C$58.00 to C$60.00 in a research report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of C$57.81.

Canadian Apartment Properties REIT Price Performance

Shares of Canadian Apartment Properties REIT stock traded down C$0.59 during trading hours on Wednesday, reaching C$54.11. The stock had a trading volume of 166,834 shares, compared to its average volume of 372,489. The stock’s 50 day moving average is C$50.38 and its 200 day moving average is C$46.97. The firm has a market capitalization of C$9.05 billion, a PE ratio of -169.09, a PEG ratio of -10.12 and a beta of 1.23. Canadian Apartment Properties REIT has a twelve month low of C$40.52 and a twelve month high of C$56.71. The company has a current ratio of 0.36, a quick ratio of 0.16 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.