Canadian Tire (TSE:CTC.A) Stock Crosses Above 200 Day Moving Average on Analyst Downgrade

Key Points

• Canadian Tire's stock has crossed above its 200-day moving average after Scotiabank raised its price target from C$145.00 to C$150.00, despite maintaining an underperform rating on the stock.
• Desjardins and BMO Capital Markets have also recently increased their price targets, with Desjardins setting a target of C$195.00 and maintaining a "buy" rating.
• The average rating for Canadian Tire is currently a "Hold" with an average price target of C$172.56, reflecting mixed analyst sentiments about the stock's performance.

Canadian Tire Co. Limited (TSE:CTC.A - Get Free Report) passed above its 200-day moving average during trading on Thursday after Scotiabank raised their price target on the stock from C$145.00 to C$150.00. The stock has a 200-day moving average of C$169.28 and traded as high as C$171.88. Scotiabank currently has an underperform rating on the stock. Canadian Tire shares last traded at C$170.60, with a volume of 372,246 shares changing hands.

Other research analysts have also issued reports about the company. Desjardins upped their price target on Canadian Tire from C$175.00 to C$195.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. BMO Capital Markets upped their price target on Canadian Tire from C$170.00 to C$175.00 in a report on Friday, May 9th. Jefferies Financial Group upped their price target on Canadian Tire from C$140.00 to C$164.00 in a report on Friday, May 9th. TD Securities upped their price target on Canadian Tire from C$181.00 to C$201.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Finally, National Bankshares cut their price target on Canadian Tire from C$204.00 to C$190.00 and set a "sector perform" rating for the company in a report on Friday, August 8th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Canadian Tire presently has an average rating of "Hold" and an average price target of C$172.56.

Canadian Tire Stock Down 0.8%

The firm has a fifty day moving average price of C$168.06 and a 200 day moving average price of C$169.28. The company has a quick ratio of 1.15, a current ratio of 1.79 and a debt-to-equity ratio of 173.58. The company has a market cap of C$9.22 billion, a P/E ratio of 12.47, a PEG ratio of 0.35 and a beta of 1.01.

About Canadian Tire

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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