Royal Bank Of Canada Issues Pessimistic Forecast for Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Price

Key Points

• Royal Bank of Canada cut its price target on Granite REIT to C$105 from C$110 but maintained an “outperform” rating; its target implies 20.33% upside from the current share price.
• Analyst sentiment remains broadly positive: eight analysts rate the REIT a “Buy,” with a consensus price target of C$103. Recent target changes were mixed, including cuts from Raymond James and National Bank Financial and increases from Desjardins and TD.
• Granite shares traded at C$87.26 on Monday. The REIT reported quarterly EPS of C$1.26 and revenue of C$166.56 million.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U had its price objective lowered by equities research analysts at Royal Bank Of Canada from C$110.00 to C$105.00 in a research note issued on Monday, BayStreet reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank Of Canada's price target suggests a potential upside of 20.33% from the stock's current price.

Several other equities analysts have also recently weighed in on GRT.UN. Raymond James Financial lowered their price target on Granite Real Estate Investment Trust from C$110.00 to C$106.00 and set an "outperform" rating on the stock in a report on Friday, August 7th. Desjardins lifted their price objective on Granite Real Estate Investment Trust from C$106.00 to C$108.00 and gave the stock a "buy" rating in a report on Friday, August 7th. TD upped their price objective on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the company a "buy" rating in a research report on Friday, August 7th. Finally, National Bank Financial reduced their price objective on Granite Real Estate Investment Trust from C$112.00 to C$100.00 and set an "outperform" rating for the company in a research report on Wednesday, October 21st. Eight investment analysts have rated the stock with a Buy rating. According to data from MarketBeat, Granite Real Estate Investment Trust presently has a consensus rating of "Buy" and an average price target of C$103.00.

Granite Real Estate Investment Trust Stock Performance

Shares of GRT.UN stock traded up C$0.34 during trading hours on Monday, reaching C$87.26. The company had a trading volume of 21,785 shares, compared to its average volume of 98,622. The company has a debt-to-equity ratio of 57.74, a quick ratio of 1.61 and a current ratio of 0.35. The business has a fifty day moving average price of C$85.10 and a 200-day moving average price of C$89.71. Granite Real Estate Investment Trust has a one year low of C$75.00 and a one year high of C$101.50. The firm has a market cap of C$5.42 billion, a PE ratio of 14.43 and a beta of 1.36.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last issued its quarterly earnings data on Wednesday, November 4th. The company reported C$1.26 earnings per share for the quarter. Granite Real Estate Investment Trust had a net margin of 42.50% and a return on equity of 4.28%. The company had revenue of C$166.56 million for the quarter. Sell-side analysts predict that Granite Real Estate Investment Trust will post 5.58 earnings per share for the current fiscal year.

About Granite Real Estate Investment Trust

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 147 investment properties representing approximately 62.6 million square feet of leasable area.

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