Canadian Tire (TSE:CTC.A) Cut to Hold at TD Securities

Key Points

• TD Securities downgraded Canadian Tire's rating from "buy" to "hold" and reduced its price target from C$201.00 to C$184.00, indicating a potential upside of 14.66% from the current price.
• Multiple analysts have adjusted their price targets, with BMO Capital Markets lowering it to C$175.00, while Desjardins increased theirs to C$195.00, reflecting a mix of market sentiments.
• Canadian Tire shares dropped 3.0% to C$160.47 during trading, and the company has a market capitalization of C$8.38 billion with a P/E ratio of 23.43.

Canadian Tire (TSE:CTC.A - Get Free Report) was downgraded by TD Securities from a "buy" rating to a "hold" rating in a report released on Friday,BayStreet.CA reports. They presently have a C$184.00 price objective on the stock, down from their prior price objective of C$201.00. TD Securities' price objective indicates a potential upside of 13.25% from the company's previous close.

CTC.A has been the subject of several other research reports. Desjardins upped their price objective on shares of Canadian Tire from C$175.00 to C$195.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Jefferies Financial Group upped their price objective on shares of Canadian Tire from C$140.00 to C$164.00 in a research report on Friday, May 9th. Scotiabank upped their price objective on shares of Canadian Tire from C$145.00 to C$150.00 and gave the stock an "underperform" rating in a research report on Friday. BMO Capital Markets cut shares of Canadian Tire from an "outperform" rating to a "market perform" rating and dropped their target price for the stock from C$191.00 to C$175.00 in a report on Friday. Finally, National Bankshares dropped their target price on shares of Canadian Tire from C$204.00 to C$190.00 and set a "sector perform" rating for the company in a report on Friday. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of C$173.22.

Canadian Tire Price Performance

CTC.A traded up C$0.93 on Friday, hitting C$162.47. 22,674 shares of the stock were exchanged, compared to its average volume of 305,751. Canadian Tire has a 12 month low of C$139.50 and a 12 month high of C$194.39. The business has a 50-day moving average of C$183.27 and a two-hundred day moving average of C$163.39. The company has a debt-to-equity ratio of 173.58, a current ratio of 1.79 and a quick ratio of 1.15. The firm has a market capitalization of C$8.48 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 0.35 and a beta of 1.33.

Insider Transactions at Canadian Tire

In other Canadian Tire news, Director Steve Frazier acquired 450 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was acquired at an average price of C$178.77 per share, for a total transaction of C$80,447.09. 1.90% of the stock is currently owned by company insiders.

Canadian Tire Company Profile

Canadian Tire Corporation, Limited, TSX: CTC.A TSX: CTC or 'CTC', is a group of companies that includes a Retail segment, a Financial Services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal & Gardening divisions.