Canadian Apartment Properties REIT (TSE:CAR.UN) Lowered to "Hold" Rating by Canaccord Genuity Group

Key Points

• Canadian Apartment Properties REIT was downgraded from a "buy" to a "hold" rating by Canaccord Genuity Group, which also raised its price target from C$46.00 to C$48.00.
• Scotiabank reduced its price objective for the stock from C$50.00 to C$48.50, while maintaining an "outperform" rating.
• The stock has a current price of C$43.93, reflecting a 0.7% decline during trading hours on Friday.

Canaccord Genuity Group downgraded shares of Canadian Apartment Properties REIT (TSE:CAR.UN - Free Report) from a buy rating to a hold rating in a report published on Friday,BayStreet.CA reports. Canaccord Genuity Group currently has C$48.00 target price on the stock, up from their previous target price of C$46.00.

Separately, Scotiabank decreased their target price on Canadian Apartment Properties REIT from C$50.00 to C$48.50 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Canadian Apartment Properties REIT presently has an average rating of "Moderate Buy" and an average price target of C$53.78.

Canadian Apartment Properties REIT Stock Up 0.6%

TSE:CAR.UN traded up C$0.25 on Friday, hitting C$43.98. 109,122 shares of the company's stock traded hands, compared to its average volume of 490,816. The company has a current ratio of 0.36, a quick ratio of 0.16 and a debt-to-equity ratio of 76.05. Canadian Apartment Properties REIT has a 1 year low of C$37.28 and a 1 year high of C$56.71. The firm has a 50-day moving average price of C$44.58 and a 200-day moving average price of C$42.37. The company has a market cap of C$7.35 billion, a PE ratio of -137.44, a price-to-earnings-growth ratio of -10.12 and a beta of 1.23.

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.