European Residential Real Estate Investment Trust (TSE:ERE.UN) Given New C$1.60 Price Target at Cormark

Key Points

• The price target for the European Residential Real Estate Investment Trust (TSE:ERE.UN) was cut from C$2.90 to C$1.60 by Cormark, indicating a potential upside of 49.53% from its previous closing price.
• CIBC and Raymond James Financial have also downgraded their price targets for ERE.UN, with CIBC setting a target of C$1.25 and Raymond James adjusting theirs to C$2.75.
• Despite these downgrades, the stock saw an increase of 5.9% in midday trading, reaching C$1.07 with significant trading volume compared to its average.

European Residential Real Estate Investment Trust (TSE:ERE.UN - Get Free Report) had its price objective decreased by stock analysts at Cormark from C$2.90 to C$1.60 in a research note issued to investors on Monday,BayStreet.CA reports. Cormark's price target suggests a potential upside of 49.53% from the stock's previous close.

Other equities research analysts also recently issued reports about the company. CIBC cut their price target on European Residential Real Estate Investment Trust from C$3.00 to C$1.25 and set an "outperform" rating for the company in a research note on Monday. Raymond James Financial lowered European Residential Real Estate Investment Trust from an "outperform" rating to a "market perform" rating and lowered their price objective for the company from C$3.00 to C$2.75 in a report on Wednesday, August 13th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, European Residential Real Estate Investment Trust has a consensus rating of "Hold" and a consensus target price of C$2.19.

European Residential Real Estate Investment Trust Stock Up 5.9%

Shares of ERE.UN traded up C$0.06 during midday trading on Monday, reaching C$1.07. 1,079,239 shares of the stock were exchanged, compared to its average volume of 254,783. European Residential Real Estate Investment Trust has a 12-month low of C$0.98 and a 12-month high of C$3.99. The firm has a 50 day simple moving average of C$2.44 and a 200-day simple moving average of C$2.48. The company has a quick ratio of 0.20, a current ratio of 0.27 and a debt-to-equity ratio of 256.06. The company has a market cap of C$99.64 million, a price-to-earnings ratio of -1.67 and a beta of 1.72.

European Residential Real Estate Investment Trust Company Profile

European Residential Real Estate Investment Trust - ERES is an unincorporated, open-ended real estate investment trust. ERES's REIT units are listed on the TSX under the symbol ERE.UN. ERES is Canada's only European-focused multi-residential REIT, with a current initial focus on investing in high-quality multi-residential real estate properties in the Netherlands.

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