ATB Cormark Capital Markets Cuts Canadian Apartment Properties REIT (TSE:CAR.UN) Price Target to C$43.00

Key Points

• ATB Cormark cut Canadian Apartment Properties REIT’s price target to C$43.00 from C$48.00, while maintaining an “outperform” rating. The new target implies approximately 26.7% upside from the reported C$33.93 share price.
• Other analysts also lowered their targets, but overall sentiment remains positive: five analysts rate the stock “Buy” and one rates it “Hold,” producing a consensus “Moderate Buy” rating and average target of C$45.31.
• The REIT’s shares were up 0.6% in Tuesday trading but remained near their one-year low. Its latest quarter included a C$0.42 loss per share on C$246.41 million in revenue, alongside negative net margin and return on equity.

Canadian Apartment Properties REIT (TSE:CAR.UN - Get Free Report) had its price objective dropped by stock analysts at ATB Cormark Capital Markets from C$48.00 to C$43.00 in a research note issued on Tuesday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. ATB Cormark Capital Markets' price objective indicates a potential upside of 26.73% from the company's current price.

Several other research analysts have also issued reports on CAR.UN. TD cut their price target on Canadian Apartment Properties REIT from C$46.00 to C$45.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Canadian Imperial Bank of Commerce lowered their target price on shares of Canadian Apartment Properties REIT from C$45.00 to C$40.00 in a research note on Monday. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of C$45.31.

Canadian Apartment Properties REIT Trading Up 0.6%

Canadian Apartment Properties REIT stock traded up C$0.21 during trading hours on Tuesday, hitting C$33.93. The stock had a trading volume of 213,949 shares, compared to its average volume of 478,621. The business's 50 day simple moving average is C$35.00 and its 200-day simple moving average is C$36.04. The stock has a market cap of C$5.20 billion, a price-to-earnings ratio of 3,978.19, a P/E/G ratio of -10.12 and a beta of 0.81. Canadian Apartment Properties REIT has a one year low of C$33.15 and a one year high of C$43.27. The company has a quick ratio of 0.16, a current ratio of 0.36 and a debt-to-equity ratio of 76.05.

Canadian Apartment Properties REIT (TSE:CAR.UN - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported C($0.42) earnings per share for the quarter. The business had revenue of C$246.41 million during the quarter. Canadian Apartment Properties REIT had a negative return on equity of 1.08% and a negative net margin of 4.95%.

Canadian Apartment Properties REIT Company Profile

Canadian Apartment Properties Real Estate Investment Trust, or CAPREIT, is a real estate investment trust primarily engaged in the acquisition and leasing of multiunit residential rental properties located near major urban centers across Canada. The company's real estate portfolio is mainly composed of apartments and townhouses situated near public amenities. Most of CAPREIT's holdings are aimed towards the midtier and luxury markets in terms of demographic segments. The company derives nearly all of its income in the form of rental revenue from leasing its properties to tenants.

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