Canadian Apartment Properties REIT (TSE:CAR.UN) Downgraded to "Sector Perform" Rating by Scotiabank

Key Points

• Scotiabank downgraded Canadian Apartment Properties REIT from an "outperform" rating to "sector perform," reducing the price target from C$48.50 to C$47.50, indicating a potential upside of 14.02% from the current stock price.
• Canaccord Genuity also downgraded the REIT from "buy" to "hold" while increasing their price objective from C$46.00 to C$48.00, with an average target price now at C$52.29 across analysts.
• As of the latest trading, the stock price of Canadian Apartment Properties REIT fell to C$41.66, while its market capitalization stands at C$6.96 billion and has experienced significant fluctuations in the past year, with a high of C$56.71 and a low of C$37.28.

Canadian Apartment Properties REIT (TSE:CAR.UN - Get Free Report) was downgraded by stock analysts at Scotiabank from an "outperform" rating to a "sector perform" rating in a report issued on Thursday,BayStreet.CA reports. They currently have a C$47.50 price objective on the stock, down from their prior price objective of C$48.50. Scotiabank's price objective indicates a potential upside of 13.77% from the stock's current price.

Separately, Canaccord Genuity Group cut shares of Canadian Apartment Properties REIT from a "buy" rating to a "hold" rating and boosted their target price for the company from C$46.00 to C$48.00 in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Canadian Apartment Properties REIT presently has an average rating of "Hold" and an average price target of C$52.29.

Canadian Apartment Properties REIT Stock Up 0.4%

Shares of TSE:CAR.UN traded up C$0.16 during midday trading on Thursday, hitting C$41.75. 329,395 shares of the company's stock were exchanged, compared to its average volume of 488,448. Canadian Apartment Properties REIT has a 12 month low of C$37.28 and a 12 month high of C$56.71. The company has a market cap of C$6.98 billion, a PE ratio of -130.47, a price-to-earnings-growth ratio of -10.12 and a beta of 1.23. The stock has a 50 day moving average price of C$44.10 and a 200-day moving average price of C$42.51. The company has a debt-to-equity ratio of 76.05, a current ratio of 0.36 and a quick ratio of 0.16.

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.