RioCan Real Estate Investment Trust (TSE:REI.UN) Price Target Raised to C$22.50

Key Points

• Scotia raised RioCan’s price target to C$22.50 from C$22.25 while maintaining a “sector perform” rating, implying 4.8% upside from the previous close.
• Analyst sentiment is broadly positive: six analysts rate the REIT a “Buy” and two rate it a “Hold,” producing a “Moderate Buy” consensus and average target of C$23.69.
• RioCan shares traded at C$21.47, down C$0.48, with the company valued at approximately C$6.25 billion. In its latest quarter, the REIT reported C$0.52 EPS and C$304.36 million in revenue.

RioCan Real Estate Investment Trust (TSE:REI.UN - Get Free Report) had its price target lifted by equities research analysts at Scotia from C$22.25 to C$22.50 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage currently has a "sector perform" rating on the real estate investment trust's stock. Scotia's price target suggests a potential upside of 4.80% from the stock's previous close.

Several other analysts have also recently weighed in on the company. Desjardins raised their price target on RioCan Real Estate Investment Trust from C$22.00 to C$24.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. BMO Capital Markets boosted their price objective on RioCan Real Estate Investment Trust from C$21.00 to C$23.50 and gave the stock an "outperform" rating in a report on Wednesday, May 6th. Royal Bank Of Canada upped their price objective on shares of RioCan Real Estate Investment Trust from C$22.00 to C$24.00 and gave the stock an "outperform" rating in a research report on Friday, May 8th. Raymond James Financial lifted their target price on shares of RioCan Real Estate Investment Trust from C$23.25 to C$23.75 and gave the company an "outperform" rating in a research report on Wednesday, May 6th. Finally, TD increased their price target on shares of RioCan Real Estate Investment Trust from C$23.00 to C$24.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of C$23.69.

RioCan Real Estate Investment Trust Price Performance

Shares of REI.UN traded down C$0.48 during mid-day trading on Thursday, reaching C$21.47. 653,362 shares of the stock traded hands, compared to its average volume of 711,006. The company has a market cap of C$6.25 billion, a price-to-earnings ratio of 25.87 and a beta of 0.95. RioCan Real Estate Investment Trust has a 1 year low of C$17.51 and a 1 year high of C$23.25. The firm has a fifty day moving average price of C$22.60 and a 200 day moving average price of C$21.02. The company has a current ratio of 0.30, a quick ratio of 0.08 and a debt-to-equity ratio of 95.37.

RioCan Real Estate Investment Trust (TSE:REI.UN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported C$0.52 earnings per share (EPS) for the quarter. The company had revenue of C$304.36 million for the quarter. RioCan Real Estate Investment Trust had a return on equity of 0.78% and a net margin of 4.86%.

About RioCan Real Estate Investment Trust

Riocan Real Estate Investment Trust is a Canadian real estate investment trust which owns, develops, and operates Canada's portfolio of retail-focused, increasingly mixed-use properties. The REIT's property portfolio includes shopping centers and mixed-use developments, with most of its properties located in Ontario, Canada. Riocan's tenants consist of grocery stores, supermarkets, restaurants, cinemas, pharmacies, and corporates. By geography, the company operates in Canada, which generates the majority of total revenue, and in the United States.

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