Canadian Tire (TSE:CTC.A) Shares Cross Above 200 Day Moving Average - What's Next?

Key Points

• Canadian Tire shares crossed above their 200-day moving average, reaching C$206.08 before closing at C$203.64, compared with the 200-day average of C$191.21.
• Analyst sentiment remains mixed: three analysts rate the stock a Buy and six rate it Hold, producing a consensus Hold rating and an average price target of C$204.00.
• Recent analyst targets generally increased, ranging from C$199 to C$217, while Canadian Tire’s stock is valued at a market capitalization of about C$10.62 billion and a P/E ratio of 16.11.

Canadian Tire Co. Limited (TSE:CTC.A - Get Free Report) passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of C$191.21 and traded as high as C$206.08. Canadian Tire shares last traded at C$203.64, with a volume of 122,293 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Scotia raised their price objective on shares of Canadian Tire from C$180.00 to C$200.00 and gave the company a "sector perform" rating in a research report on Friday, August 14th. Desjardins lifted their target price on shares of Canadian Tire from C$200.00 to C$217.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Jefferies Financial Group upped their target price on shares of Canadian Tire from C$179.00 to C$199.00 in a report on Friday, August 14th. National Bank Financial dropped their target price on shares of Canadian Tire from C$210.00 to C$209.00 and set a "sector perform" rating for the company in a report on Friday, August 14th. Finally, TD raised their price target on Canadian Tire from C$200.00 to C$210.00 and gave the company a "hold" rating in a report on Wednesday, July 15th. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of C$204.00.

Canadian Tire Stock Down 1.1%

The company has a current ratio of 1.79, a quick ratio of 1.15 and a debt-to-equity ratio of 173.58. The firm has a market capitalization of C$10.62 billion, a P/E ratio of 16.11, a P/E/G ratio of 0.35 and a beta of 0.75. The company has a 50 day simple moving average of C$192.66 and a two-hundred day simple moving average of C$191.21.

About Canadian Tire

Canadian Tire Corporation, Limited (TSX: CTC.A, TSX: CTC, "CTC") has been a proudly Canadian business since 1922. Guided by its brand purpose, "We are here to make life in Canada better," CTC has built an expansive national retail presence, exceptional customer brand trust and one of Canada's strongest workforces - employing, along with its local Dealers and franchisees, tens of thousands of Canadians. At its core are retail businesses, each designed to serve life's pursuits: Canadian Tire, offering products spanning Living, Playing, Fixing, Automotive, and Seasonal & Gardening, bolstered by notable banners Party City and PartSource; Mark's, a leading source for casual and industrial wear; SportChek, Hockey Experts, Sports Experts and Atmosphere, offering the best brands of active wear and gear; and Pro Hockey Life, a hockey specialty store catering to elite players.

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