Granite Real Estate Investment Trust (TSE:GRT.UN) Given New C$105.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity raised its price target on Granite REIT to C$105 (from C$100) and maintained a Buy rating, implying roughly an 11.99% upside from the prior close.
• Analyst sentiment is broadly positive: eight analysts rate the stock a Buy with a consensus target of C$99.64, and several firms including National Bank, RBC and CIBC recently raised their price targets.
• Granite traded at C$93.76, has a market cap of C$5.69 billion and a PE of 16.6; most recent quarter showed C$1.51 EPS and C$165.83 million in revenue.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U had its price objective lifted by investment analysts at Canaccord Genuity Group from C$100.00 to C$105.00 in a report released on Friday,BayStreet.CA reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price target suggests a potential upside of 11.99% from the stock's previous close.

A number of other research analysts also recently commented on the company. Canadian Imperial Bank of Commerce boosted their price target on Granite Real Estate Investment Trust from C$90.00 to C$98.00 in a research note on Friday, February 27th. Royal Bank Of Canada boosted their price objective on shares of Granite Real Estate Investment Trust from C$90.00 to C$100.00 in a research report on Friday, February 27th. National Bank Financial boosted their price objective on shares of Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the company an "outperform" rating in a research report on Monday, April 20th. Raymond James Financial downgraded shares of Granite Real Estate Investment Trust from a "strong-buy" rating to an "outperform" rating and boosted their price objective for the company from C$93.00 to C$96.00 in a research report on Wednesday, January 14th. Finally, TD Securities boosted their price objective on shares of Granite Real Estate Investment Trust from C$94.00 to C$96.00 and gave the company a "buy" rating in a research report on Friday, February 27th. Eight analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of C$99.64.

Granite Real Estate Investment Trust Stock Performance

GRT.UN stock traded up C$1.37 during mid-day trading on Friday, hitting C$93.76. 27,536 shares of the company were exchanged, compared to its average volume of 119,961. Granite Real Estate Investment Trust has a 1-year low of C$63.85 and a 1-year high of C$95.00. The company has a current ratio of 0.35, a quick ratio of 1.61 and a debt-to-equity ratio of 57.74. The stock has a market capitalization of C$5.69 billion, a PE ratio of 16.60 and a beta of 1.34. The business has a 50 day simple moving average of C$87.70 and a 200-day simple moving average of C$84.02.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last posted its earnings results on Wednesday, May 6th. The company reported C$1.51 earnings per share for the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%.The company had revenue of C$165.83 million during the quarter. On average, equities analysts forecast that Granite Real Estate Investment Trust will post 5.580574 earnings per share for the current year.

About Granite Real Estate Investment Trust

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.