Desjardins Forecasts Strong Price Appreciation for Canadian Tire (TSE:CTC.A) Stock

Key Points

• Desjardins has increased its price target for Canadian Tire (TSE:CTC.A) from C$175.00 to C$195.00, suggesting an upside of 4.88% from its current price, and maintains a "buy" rating.
• Various other brokerages, including National Bankshares and TD Securities, have also raised their price targets for the stock, with targets reaching as high as C$204.00.
• Canadian Tire's stock experienced a slight increase, trading at C$185.93, with a recent consensus rating of "Moderate Buy" and an average target price of C$180.00.

Canadian Tire (TSE:CTC.A - Get Free Report) had its price objective hoisted by stock analysts at Desjardins from C$175.00 to C$195.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The firm presently has a "buy" rating on the stock. Desjardins' price objective would suggest a potential upside of 4.88% from the company's current price.

A number of other brokerages have also recently commented on CTC.A. National Bankshares raised their price objective on Canadian Tire from C$173.00 to C$204.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 16th. Jefferies Financial Group raised their price objective on Canadian Tire from C$140.00 to C$164.00 in a research note on Friday, May 9th. BMO Capital Markets raised their target price on Canadian Tire from C$170.00 to C$175.00 in a report on Friday, May 9th. Finally, TD Securities raised their target price on Canadian Tire from C$181.00 to C$201.00 and gave the company a "buy" rating in a report on Monday, July 28th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Canadian Tire has a consensus rating of "Moderate Buy" and a consensus target price of C$180.00.

Canadian Tire Stock Performance

TSE:CTC.A traded up C$1.90 during mid-day trading on Tuesday, hitting C$185.93. 88,371 shares of the stock were exchanged, compared to its average volume of 301,437. The stock has a market capitalization of C$9.71 billion, a price-to-earnings ratio of 27.14, a price-to-earnings-growth ratio of 0.35 and a beta of 1.33. The firm's 50-day simple moving average is C$183.39 and its 200 day simple moving average is C$163.11. The company has a debt-to-equity ratio of 173.58, a quick ratio of 1.15 and a current ratio of 1.79. Canadian Tire has a fifty-two week low of C$136.10 and a fifty-two week high of C$194.39.

Insider Activity

In other Canadian Tire news, Director Steve Frazier purchased 450 shares of the stock in a transaction on Monday, June 9th. The shares were bought 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 currently owned by insiders.

About Canadian Tire

Canadian Tire Corporation, Limited provides a range of retail goods and services in Canada. The company operates through three segments: Retail, CT REIT, and Financial Services. The Retail segment retails general merchandise, apparel, footwear, sporting equipment, gasoline, sporting goods and active wear, and workwear under the Canadian Tire, SportChek, Sports Experts, National Sports, Pro Hockey Life, Atmosphere, Mark's, PartSource, Gas+, and Helly Hansen banners.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.