Scotiabank Raises Canadian Tire (TSE:CTC.A) Price Target to C$150.00

Key Points

• Scotiabank has raised its price target for Canadian Tire's stock from C$145.00 to C$150.00, though it maintains an "underperform" rating, suggesting a potential downside of 6.52% from the previous close.
• Other analysts have mixed opinions, with National Bank lowering its target to C$190.00 and BMO Capital Markets raising theirs to C$175.00, leading to a current consensus rating of "Hold" with an average target price of C$173.22.
• Shares of Canadian Tire recently traded down to C$160.47 during Friday's session, and significant insider buying was noted, with Director Steve Frazier purchasing 450 shares at an average price of C$178.77.

Canadian Tire (TSE:CTC.A - Get Free Report) had its target price increased by analysts at Scotiabank from C$145.00 to C$150.00 in a research note issued to investors on Friday,BayStreet.CA reports. The firm currently has an "underperform" rating on the stock. Scotiabank's price objective would indicate a potential downside of 8.40% from the company's previous close.

Several other analysts also recently weighed in on CTC.A. 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 research note on Monday, July 28th. Jefferies Financial Group upped their price objective on Canadian Tire from C$140.00 to C$164.00 in a research report on Friday, May 9th. BMO Capital Markets upped their price objective on Canadian Tire from C$170.00 to C$175.00 in a research report on Friday, May 9th. National Bankshares lowered their price objective on Canadian Tire from C$204.00 to C$190.00 and set a "sector perform" rating on the stock in a research report on Friday, August 8th. Finally, Desjardins upped their price objective on Canadian Tire from C$175.00 to C$195.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Canadian Tire currently has a consensus rating of "Hold" and a consensus target price of C$173.22.

Canadian Tire Stock Down 0.1%

Shares of Canadian Tire stock traded down C$0.14 during midday trading on Friday, hitting C$163.75. The company had a trading volume of 17,068 shares, compared to its average volume of 305,469. The company has a debt-to-equity ratio of 173.58, a quick ratio of 1.15 and a current ratio of 1.79. The stock has a market capitalization of C$8.55 billion, a P/E ratio of 23.91, a P/E/G ratio of 0.35 and a beta of 1.33. The company has a 50 day moving average of C$183.10 and a 200 day moving average of C$163.40. Canadian Tire has a 52-week low of C$139.50 and a 52-week high of C$194.39.

Insider Buying and Selling at Canadian Tire

In other news, Director Steve Frazier purchased 450 shares of the stock in a transaction dated Monday, June 9th. The shares were purchased at an average cost of C$178.77 per share, with a total value of C$80,447.09. 1.90% of the stock is owned by insiders.

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.