Canadian Imperial Bank of Commerce Cuts Canadian Apartment Properties REIT (TSE:CAR.UN) Price Target to C$40.00

Key Points

• Canadian Imperial Bank of Commerce cut Canadian Apartment Properties REIT’s price target to C$40 from C$45, implying about 18.6% upside from the current share price.
• TD also reduced its target to C$45 but maintained a “Buy” rating. Overall, analysts have a “Moderate Buy” consensus, with four Buys and one Hold and an average target of C$45.64.
• Shares fell 1.5% to C$33.72, near the stock’s one-year low, while the REIT’s latest quarter showed a C$0.42 loss per share and a 4.95% negative net margin on C$246.4 million in revenue.

Canadian Apartment Properties REIT (TSE:CAR.UN - Get Free Report) had its price objective lowered by research analysts at Canadian Imperial Bank of Commerce from C$45.00 to C$40.00 in a research note issued to investors on Monday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's price target indicates a potential upside of 18.62% from the stock's current price.

Separately, TD lowered their target price on shares of Canadian Apartment Properties REIT from C$46.00 to C$45.00 and set a "buy" rating for the company in a research note on Monday, May 11th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Canadian Apartment Properties REIT presently has an average rating of "Moderate Buy" and a consensus price target of C$45.64.

Canadian Apartment Properties REIT Trading Down 1.5%

TSE CAR.UN traded down C$0.53 during trading on Monday, hitting C$33.72. The stock had a trading volume of 356,193 shares, compared to its average volume of 479,341. Canadian Apartment Properties REIT has a one year low of C$33.15 and a one year high of C$43.27. The stock has a 50 day simple moving average of C$35.01 and a 200 day simple moving average of C$36.08. The stock has a market capitalization of C$5.17 billion, a price-to-earnings ratio of 3,953.57, a P/E/G ratio of -10.12 and a beta of 0.81. The company has a debt-to-equity ratio of 76.05, a quick ratio of 0.16 and a current ratio of 0.36.

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

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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