Desjardins Forecasts Strong Price Appreciation for Granite Real Estate Investment Trust (TSE:GRT.UN) Stock

Key Points

• Desjardins raised Granite REIT’s price target to C$108 from C$106 and maintained a “buy” rating, implying approximately 16.18% upside from the reported C$92.96 share price.
• Analyst sentiment remains positive: eight analysts rate the stock a Buy, with a consensus rating of “Buy” and an average price target of C$101.82.
• Granite reported quarterly EPS of C$1.16 and revenue of C$165.09 million. The REIT owns 147 logistics, warehouse and industrial properties totaling about 62.6 million square feet across North America and Europe.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U had its price objective boosted by equities research analysts at Desjardins from C$106.00 to C$108.00 in a report released on Friday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the stock. Desjardins' price objective would suggest a potential upside of 16.18% from the company's current price.

A number of other research analysts also recently commented on the stock. TD upped their price objective on shares of Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the company a "buy" rating in a research note on Friday. Raymond James Financial boosted their target price on shares of Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the company an "outperform" rating in a report on Friday, May 8th. Scotia upped their price target on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a "sector outperform" rating in a research report on Friday, May 8th. National Bank Financial increased their price target on shares of Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the stock an "outperform" rating in a research note on Monday, April 20th. Finally, Canadian Imperial Bank of Commerce lifted their price target on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a report on Friday, May 8th. Eight analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of C$101.82.

Granite Real Estate Investment Trust Trading Up 1.1%

Shares of GRT.UN stock traded up C$1.04 during mid-day trading on Friday, hitting C$92.96. 32,383 shares of the company's stock were exchanged, compared to its average volume of 103,065. The stock has a market cap of C$5.64 billion, a price-to-earnings ratio of 14.43 and a beta of 1.48. The company has a quick ratio of 1.61, a current ratio of 0.35 and a debt-to-equity ratio of 57.74. Granite Real Estate Investment Trust has a fifty-two week low of C$74.96 and a fifty-two week high of C$101.50. The stock has a 50-day simple moving average of C$96.12 and a two-hundred day simple moving average of C$91.34.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last released its earnings results on Wednesday, August 5th. The company reported C$1.16 EPS for the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%.The firm had revenue of C$165.09 million during the quarter. Equities analysts expect that Granite Real Estate Investment Trust will post 5.580574 EPS for the current fiscal year.

Granite Real Estate Investment Trust Company Profile

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 147 investment properties representing approximately 62.6 million square feet of leasable area.

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