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.

Canadian Apartment Properties REIT (TSE:CAR.UN - Get Free Report) was downgraded by analysts at Canaccord Genuity Group from a "buy" rating to a "hold" rating in a research report issued on Friday,BayStreet.CA reports. They currently have a C$48.00 price target on the stock, up from their prior price target of C$46.00. Canaccord Genuity Group's target price indicates a potential upside of 9.26% from the company's current price.

Separately, Scotiabank cut their price objective on shares of 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 research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Canadian Apartment Properties REIT currently has a consensus rating of "Moderate Buy" and an average price target of C$53.78.

Canadian Apartment Properties REIT Stock Down 0.7%

TSE:CAR.UN traded down C$0.32 during trading hours on Friday, reaching C$43.93. The company had a trading volume of 265,846 shares, compared to its average volume of 492,378. 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 business's 50-day simple moving average is C$44.50 and its two-hundred day simple moving average is C$42.31. The firm has a market cap of C$7.34 billion, a price-to-earnings ratio of -137.28, a P/E/G ratio of -10.12 and a beta of 1.23. Canadian Apartment Properties REIT has a twelve month low of C$37.28 and a twelve month high of C$56.71.

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.

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