Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Price Expected to Rise, TD Analyst Says

Key Points

• TD raised Granite REIT’s price target from C$101 to C$103 and maintained a “buy” rating, implying 10.8% upside from the prior close.
• Analyst sentiment is broadly positive: eight analysts rate the stock “Buy,” with a consensus target of C$101.82; recent targets range as high as C$110.
• Granite shares traded at C$92.96, while the REIT reported C$1.16 in quarterly EPS and C$165.09 million in revenue. The company owns 147 logistics, warehouse and industrial properties totaling about 62.6 million square feet.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U had its price target boosted by investment analysts at TD from C$101.00 to C$103.00 in a report released on Friday,BayStreet.CA reports. The brokerage presently has a "buy" rating on the stock. TD's price objective points to a potential upside of 10.80% from the company's previous close.

GRT.UN has been the subject of a number of other research reports. Scotia raised their price objective on Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a "sector outperform" rating in a research report on Friday, May 8th. Raymond James Financial increased their price target on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the company an "outperform" rating in a research note on Friday, May 8th. National Bank Financial raised their price target on Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the company an "outperform" rating in a report on Monday, April 20th. Canaccord Genuity Group lifted their price objective on Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. Finally, Canadian Imperial Bank of Commerce upped their price objective on 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 MarketBeat.com, Granite Real Estate Investment Trust has an average rating of "Buy" and a consensus target price of C$101.82.

Granite Real Estate Investment Trust Price Performance

Shares of GRT.UN stock traded up C$1.04 during mid-day trading on Friday, hitting C$92.96. The company had a trading volume of 32,383 shares, compared to its average volume of 103,065. Granite Real Estate Investment Trust has a 52-week low of C$74.96 and a 52-week high of C$101.50. The stock's 50 day moving average price is C$96.12 and its 200-day moving average price is C$91.34. The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61. The company has a market capitalization of C$5.64 billion, a P/E ratio of 14.43 and a beta of 1.48.

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