Granite Real Estate Investment Trust (TSE:GRT.UN) Price Target Raised to C$89.00

Key Points

• Desjardins raised the target price for Granite Real Estate Investment Trust from C$87.00 to C$89.00, indicating a potential upside of 13.78% from the previous close.
• Multiple brokerages have increased their price targets for Granite, with TD Securities setting a target of C$85.00 and Royal Bank of Canada increasing it to C$88.00, all while maintaining “buy” or “outperform” ratings.
• The stock experienced a marginal decline, trading down C$0.82 to C$78.22 on Monday, with a market capitalization of C$4.74 billion and a price-to-earnings ratio of 14.52.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U had its target price boosted by Desjardins from C$87.00 to C$89.00 in a report issued on Monday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the stock. Desjardins' price target points to a potential upside of 13.78% from the stock's previous close.

A number of other brokerages have also recently commented on GRT.UN. TD Securities upped their price target on shares of Granite Real Estate Investment Trust from C$77.00 to C$85.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Raymond James Financial lifted their target price on Granite Real Estate Investment Trust from C$85.00 to C$87.50 in a research report on Friday, August 8th. Royal Bank Of Canada upped their price objective on shares of Granite Real Estate Investment Trust from C$86.00 to C$88.00 and gave the stock an "outperform" rating in a research report on Monday, August 11th. CIBC boosted their price target on shares of Granite Real Estate Investment Trust from C$74.00 to C$85.00 in a report on Wednesday, June 11th. Finally, Scotiabank raised their target price on Granite Real Estate Investment Trust from C$80.00 to C$85.00 in a research report on Friday, August 8th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of C$87.63.

Granite Real Estate Investment Trust Price Performance

TSE:GRT.UN traded down C$0.82 on Monday, hitting C$78.22. The company had a trading volume of 31,014 shares, compared to its average volume of 102,906. Granite Real Estate Investment Trust has a 52 week low of C$55.25 and a 52 week high of C$82.45. The firm has a 50 day moving average of C$77.33 and a two-hundred day moving average of C$70.66. 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$4.74 billion, a price-to-earnings ratio of 14.52 and a beta of 1.60.

About Granite Real Estate Investment Trust

Granite Real Estate Investment Trust, or Granite, is a real estate investment trust engaged in the acquisition, development, and management of primarily industrial properties in North America and Europe. Granite's portfolio comprises various manufacturing, corporate office, warehouse and logistics, and product engineering facilities.

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