RioCan Real Estate Investment Trust (TSE:REI.UN) Price Target Raised to C$24.00

Key Points

• Desjardins raised its price target on RioCan to C$24.00 (from C$22.00) and kept a "buy" rating, implying roughly a 9.5% upside; several other brokers have also nudged up targets, leaving a consensus "Moderate Buy" and an average target of C$22.33.
• Shares traded at C$21.91 midday with a market cap of C$6.37B; the REIT reported Q results of C$0.32 EPS on C$322.31M revenue, but trades at a high P/E (~95.3) and carries a high debt-to-equity ratio (~95%).

RioCan Real Estate Investment Trust (TSE:REI.UN - Get Free Report) had its price target lifted by research analysts at Desjardins from C$22.00 to C$24.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The firm presently has a "buy" rating on the real estate investment trust's stock. Desjardins' price objective points to a potential upside of 9.54% from the stock's current price.

REI.UN has been the topic of a number of other research reports. National Bank Financial raised their price objective on RioCan Real Estate Investment Trust from C$22.75 to C$24.00 and gave the company an "outperform" rating in a report on Monday, April 20th. Royal Bank Of Canada raised their price objective on RioCan Real Estate Investment Trust from C$21.00 to C$22.00 and gave the company an "outperform" rating in a report on Monday, February 23rd. Finally, Raymond James Financial raised their price objective on RioCan Real Estate Investment Trust from C$23.25 to C$23.75 and gave the company an "outperform" rating in a report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of C$22.33.

RioCan Real Estate Investment Trust Price Performance

Shares of TSE:REI.UN traded up C$0.25 during midday trading on Wednesday, reaching C$21.91. 346,609 shares of the company's stock traded hands, compared to its average volume of 768,040. RioCan Real Estate Investment Trust has a 1 year low of C$16.73 and a 1 year high of C$22.10. The company has a market cap of C$6.37 billion, a P/E ratio of 95.26 and a beta of 0.87. The company has a debt-to-equity ratio of 95.37, a quick ratio of 0.08 and a current ratio of 0.30. The company has a fifty day simple moving average of C$19.92 and a two-hundred day simple moving average of C$19.37.

RioCan Real Estate Investment Trust (TSE:REI.UN - Get Free Report) last announced its earnings results on Monday, May 4th. The real estate investment trust reported C$0.32 earnings per share (EPS) for the quarter. RioCan Real Estate Investment Trust had a return on equity of 0.78% and a net margin of 4.86%.The firm had revenue of C$322.31 million for the quarter.

RioCan Real Estate Investment Trust Company Profile

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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