Raymond James Financial Lowers Granite Real Estate Investment Trust (TSE:GRT.UN) Price Target to C$106.00

Key Points

• Raymond James lowered Granite REIT’s price target to C$106 from C$110 while maintaining an “outperform” rating, implying approximately 14% upside from the previous close.
• Analyst sentiment remains positive: all eight analysts rate the stock a Buy, with a consensus target price of C$101.82.
• Granite REIT shares rose 1.1% to C$92.96 in Friday trading. The company recently reported quarterly EPS of C$1.16 and revenue of C$165.09 million.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U had its price objective decreased by research analysts at Raymond James Financial from C$110.00 to C$106.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. Raymond James Financial's target price indicates a potential upside of 14.03% from the stock's previous close.

A number of other research analysts have also recently issued reports on GRT.UN. Canadian Imperial Bank of Commerce boosted their target price on Granite Real Estate Investment Trust from C$98.00 to C$105.00 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 stock an "outperform" rating in a research report on Monday, April 20th. Desjardins lifted their price objective on Granite Real Estate Investment Trust from C$106.00 to C$108.00 and gave the company a "buy" rating in a report on Friday. TD boosted their price objective on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the company a "buy" rating in a research report on Friday. Finally, Canaccord Genuity Group increased their target price 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. Eight analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Granite Real Estate Investment Trust presently has a consensus rating of "Buy" and a consensus target price of C$101.82.

Granite Real Estate Investment Trust Trading Up 1.1%

GRT.UN traded up C$1.04 during mid-day trading on Friday, hitting C$92.96. The stock had a trading volume of 32,383 shares, compared to its average volume of 103,065. The stock's fifty day simple moving average is C$96.12 and its 200-day simple moving average 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 firm has a market capitalization of C$5.64 billion, a price-to-earnings ratio of 14.43 and a beta of 1.48. Granite Real Estate Investment Trust has a 1-year low of C$74.96 and a 1-year high of C$101.50.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last released its quarterly earnings data on Wednesday, August 5th. The company reported C$1.16 EPS for the quarter. The business 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%. As a group, research analysts forecast that Granite Real Estate Investment Trust will post 5.580574 EPS 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source