Canadian Tire (TSE:CTC.A) Shares Pass Above Two Hundred Day Moving Average Following Analyst Downgrade

Key Points

• Canadian Tire's share price surpassed its 200-day moving average following an analyst downgrade by Scotiabank, which raised its price target from C$145.00 to C$150.00.
• Various analysts have differing views on Canadian Tire, with BMO increasing its target to C$175.00 and Desjardins raising theirs to C$195.00; however, Scotiabank maintains an underperform rating.
• The company's financial metrics indicate a market capitalization of C$9.16 billion with a debt-to-equity ratio of 173.58 and an average price target of C$173.11 across analyst ratings.

Canadian Tire Co. Limited (TSE:CTC.A - Get Free Report)'s share price passed above its two hundred day moving average during trading on Wednesday after Scotiabank raised their price target on the stock from C$145.00 to C$150.00. The stock has a two hundred day moving average of C$168.45 and traded as high as C$169.65. Scotiabank currently has an underperform rating on the stock. Canadian Tire shares last traded at C$169.39, with a volume of 229,138 shares.

A number of other equities analysts also recently issued reports on the company. BMO Capital Markets raised their price target on Canadian Tire from C$170.00 to C$175.00 in a research note on Friday, May 9th. Desjardins raised their price target on Canadian Tire from C$175.00 to C$195.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. TD Securities lifted their target price on Canadian Tire from C$181.00 to C$201.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Jefferies Financial Group raised their price target on Canadian Tire from C$140.00 to C$164.00 in a report on Friday, May 9th. Finally, National Bankshares decreased their price target on Canadian Tire from C$204.00 to C$190.00 and set a "sector perform" rating on the stock in a report on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Canadian Tire has an average rating of "Hold" and an average price target of C$173.11.

Canadian Tire Price Performance

The company has a current ratio of 1.79, a quick ratio of 1.15 and a debt-to-equity ratio of 173.58. The company has a market capitalization of C$9.16 billion, a price-to-earnings ratio of 12.38, a P/E/G ratio of 0.35 and a beta of 1.01. The firm has a 50-day simple moving average of C$169.49 and a two-hundred day simple moving average of C$168.45.

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.

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