Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Price Expected to Rise, Canadian Imperial Bank of Commerce Analyst Says

Key Points

• Canadian Imperial Bank of Commerce raised its target price on Granite Real Estate Investment Trust to C$105 from C$98, implying about 12% upside from the previous close.
• Several other brokers also turned more bullish, including TD Securities, Scotia, RBC, BMO Capital Markets, and Raymond James, with the stock carrying an overall Buy consensus and an average target of C$99.64.
• Granite shares rose to C$93.78 in Friday trading, near their 52-week high, after the REIT reported quarterly EPS of C$1.51 and revenue of C$165.83 million.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U had its target price raised by analysts at Canadian Imperial Bank of Commerce from C$98.00 to C$105.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's price objective would suggest a potential upside of 11.96% from the company's previous close.

A number of other research firms also recently commented on GRT.UN. TD Securities boosted their target price on shares of Granite Real Estate Investment Trust from C$94.00 to C$96.00 and gave the stock a "buy" rating in a report on Friday, February 27th. Scotia raised their price objective on Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a "sector outperform" rating in a research note on Friday. Royal Bank Of Canada upped their target price on Granite Real Estate Investment Trust from C$90.00 to C$100.00 in a report on Friday, February 27th. BMO Capital Markets lifted their price target on Granite Real Estate Investment Trust from C$87.00 to C$97.00 in a research note on Friday, February 27th. Finally, Raymond James Financial raised their target price on shares of Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock an "outperform" rating in a report on Friday. Eight analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of C$99.64.

Granite Real Estate Investment Trust Price Performance

Shares of GRT.UN traded up C$1.39 during midday trading on Friday, reaching C$93.78. The stock had a trading volume of 28,136 shares, compared to its average volume of 119,961. The firm's 50 day moving average price is C$87.70 and its 200-day moving average price is C$84.02. Granite Real Estate Investment Trust has a 52 week low of C$63.85 and a 52 week high of C$95.00. The company has a market capitalization of C$5.69 billion, a P/E ratio of 16.60 and a beta of 1.34. The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last released its earnings results on Wednesday, May 6th. The company reported C$1.51 earnings per share (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$165.83 million for the quarter. On average, analysts forecast that Granite Real Estate Investment Trust will post 5.580574 earnings per share for the current fiscal 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.

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