Canadian Imperial Bank of Commerce Downgrades First Capital Real Estate Investment Trust (TSE:FCR.UN) to Neutral

Key Points

• Canadian Imperial Bank of Commerce downgraded First Capital Real Estate Investment Trust (TSE:FCR.UN) from "outperformer" to "neutral" but raised its price target to C$24.40, implying about a 3.6% upside from the prior close.
• Analyst views are mixed: several brokers raised targets (RBC, National Bank, Canaccord) while others downgraded, leaving a consensus rating of Moderate Buy with an average price target of C$23.04 (four Buy vs. three Hold).
• Shares traded at C$23.56 (down ~0.1%) on heavy volume (~1.97M vs. avg 486.8K); market cap ~C$5.01B, low reported PE of 4.7 and high leverage with a debt-to-equity ratio around 112%.

First Capital Real Estate Investment Trust (TSE:FCR.UN - Get Free Report) was downgraded by analysts at Canadian Imperial Bank of Commerce from an "outperformer" rating to a "neutral" rating in a research report issued to clients and investors on Friday,BayStreet.CA reports. They presently have a C$24.40 price objective on the stock, up from their previous price objective of C$22.50. Canadian Imperial Bank of Commerce's target price indicates a potential upside of 3.57% from the company's previous close.

A number of other brokerages also recently issued reports on FCR.UN. National Bank Financial increased their target price on First Capital Real Estate Investment Trust from C$23.00 to C$23.50 and gave the stock an "outperform" rating in a research note on Friday, February 13th. Raymond James Financial downgraded First Capital Real Estate Investment Trust from an "outperform" rating to a "market perform" rating and raised their price objective for the company from C$21.75 to C$22.50 in a research note on Wednesday, February 18th. Royal Bank Of Canada increased their target price on First Capital Real Estate Investment Trust from C$22.00 to C$23.00 and gave the company an "outperform" rating in a report on Friday, February 13th. Finally, Canaccord Genuity Group cut First Capital Real Estate Investment Trust from a "buy" rating to a "hold" rating and increased their target price for the company from C$23.50 to C$24.40 in a report on Friday. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, First Capital Real Estate Investment Trust currently has an average rating of "Moderate Buy" and a consensus price target of C$23.04.

First Capital Real Estate Investment Trust Stock Down 0.1%

Shares of TSE:FCR.UN traded down C$0.03 on Friday, hitting C$23.56. 1,967,907 shares of the company's stock were exchanged, compared to its average volume of 486,798. The firm's 50-day moving average is C$20.90 and its 200 day moving average is C$19.85. The company has a market capitalization of C$5.01 billion, a PE ratio of 4.70, a P/E/G ratio of -2.77 and a beta of 0.89. First Capital Real Estate Investment Trust has a 1-year low of C$16.08 and a 1-year high of C$23.84. The company has a debt-to-equity ratio of 112.41, a quick ratio of 0.07 and a current ratio of 1.22.

First Capital Real Estate Investment Trust (TSE:FCR.UN - Get Free Report) last announced its earnings results on Tuesday, February 10th. The company reported C$4.00 earnings per share (EPS) for the quarter. The firm had revenue of C$185.38 million during the quarter. First Capital Real Estate Investment Trust had a negative return on equity of 1.57% and a negative net margin of 8.48%. Sell-side analysts predict that First Capital Real Estate Investment Trust will post 1.2480836 EPS for the current year.

First Capital Real Estate Investment Trust Company Profile

First Capital owns and operates, acquires, and develops open-air grocery-anchored shopping centres in neighbourhoods with the strongest demographics in Canada.

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