Canadian Apartment Properties REIT (TSE:CAR.UN) Cut to "Sector Perform" at 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 equities research analysts at Scotiabank from an "outperform" rating to a "sector perform" rating in a research report issued to clients and investors on Thursday,BayStreet.CA reports. They presently have a C$47.50 price objective on the stock, down from their previous price objective of C$48.50. Scotiabank's price objective would suggest a potential upside of 14.02% from the stock's current price.

Separately, Canaccord Genuity Group downgraded Canadian Apartment Properties REIT from a "buy" rating to a "hold" rating and boosted their price objective for the stock from C$46.00 to C$48.00 in a report on Friday, August 1st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of C$52.29.

Canadian Apartment Properties REIT Price Performance

Canadian Apartment Properties REIT stock traded down C$0.59 during midday trading on Thursday, hitting C$41.66. The company's stock had a trading volume of 164,331 shares, compared to its average volume of 489,497. The company has a quick ratio of 0.16, a current ratio of 0.36 and a debt-to-equity ratio of 76.05. The stock's 50-day moving average price is C$44.31 and its 200-day moving average price is C$42.46. 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 capitalization of C$6.96 billion, a PE ratio of -130.19, a price-to-earnings-growth ratio of -10.12 and a beta of 1.23.

About Canadian Apartment Properties REIT

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.

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