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

Key Points

• Royal Bank of Canada raised its price target on RioCan from C$22.00 to C$24.00 and maintained an "outperform" rating, implying roughly a 9.6% upside from the current share price.
• Multiple brokerages raised targets this week, leaving the analyst consensus at a Moderate Buy with an average price target of C$23.68 (six Buys, one Hold).
• RioCan traded at C$21.89 with a market cap of C$6.37B and a P/E of 26.37; it reported quarterly EPS of C$0.32 on C$322.31M revenue and carries a high debt-to-equity ratio (~95%).

RioCan Real Estate Investment Trust (TSE:REI.UN - Get Free Report) had its price target upped by equities research analysts at Royal Bank Of Canada from C$22.00 to C$24.00 in a report issued on Friday,BayStreet.CA reports. The firm presently has an "outperform" rating on the real estate investment trust's stock. Royal Bank Of Canada's target price would indicate a potential upside of 9.64% from the company's current price.

A number of other brokerages also recently weighed in on REI.UN. National Bank Financial boosted their price target on RioCan Real Estate Investment Trust from C$24.00 to C$24.25 and gave the stock an "outperform" rating in a research report on Wednesday. Scotia upped their target price on RioCan Real Estate Investment Trust from C$20.50 to C$22.25 and gave the company a "sector perform" rating in a research report on Wednesday. Raymond James Financial lifted their price target on RioCan Real Estate Investment Trust from C$23.25 to C$23.75 and gave the stock an "outperform" rating in a report on Wednesday. BMO Capital Markets boosted their price target on RioCan Real Estate Investment Trust from C$21.00 to C$23.50 and gave the company an "outperform" rating in a research note on Wednesday. Finally, TD increased their price objective on RioCan Real Estate Investment Trust from C$23.00 to C$24.00 and gave the stock a "buy" rating in a research report on Wednesday. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of C$23.68.

RioCan Real Estate Investment Trust Stock Up 0.4%

TSE REI.UN traded up C$0.08 during trading hours on Friday, reaching C$21.89. 359,917 shares of the company's stock were exchanged, compared to its average volume of 770,822. The company has a market capitalization of C$6.37 billion, a price-to-earnings ratio of 26.37 and a beta of 0.87. RioCan Real Estate Investment Trust has a one year low of C$16.91 and a one year high of C$22.10. 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's 50-day moving average is C$20.00 and its two-hundred day moving average is C$19.41.

RioCan Real Estate Investment Trust (TSE:REI.UN - Get Free Report) last issued its quarterly earnings results on Monday, May 4th. The real estate investment trust reported C$0.32 EPS for the quarter. The company had revenue of C$322.31 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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