RioCan Real Estate Investment Trust (TSE:REI.UN) Stock Price Expected to Rise, Desjardins Analyst Says

Key Points

• Desjardins raised RioCan’s price target to C$25.00 from C$24.00 and maintained a “buy” rating, implying 16.44% upside from the previous close.
• Analyst sentiment is broadly positive: six analysts rate the REIT a Buy and two rate it Hold, producing a consensus “Moderate Buy” rating and an average target of C$23.69.
• RioCan shares closed at C$21.47 after falling C$0.48, while the REIT reported quarterly EPS of C$0.52 and revenue of C$304.36 million.

RioCan Real Estate Investment Trust (TSE:REI.UN - Get Free Report) had its price target lifted by equities researchers at Desjardins from C$24.00 to C$25.00 in a research note issued on Thursday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the real estate investment trust's stock. Desjardins' price objective suggests a potential upside of 16.44% from the company's previous close.

A number of other brokerages have also recently issued reports on REI.UN. Canaccord Genuity Group raised their price objective on shares of RioCan Real Estate Investment Trust from C$21.50 to C$22.50 and gave the company a "hold" rating in a research note on Thursday. TD boosted their target price 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, May 6th. National Bank Financial increased their price target on shares of RioCan Real Estate Investment Trust from C$24.00 to C$24.25 and gave the company an "outperform" rating in a research report on Wednesday, May 6th. Raymond James Financial lifted their price target on shares of RioCan Real Estate Investment Trust from C$23.25 to C$23.75 and gave the stock an "outperform" rating in a research report on Wednesday, May 6th. Finally, 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 company an "outperform" rating in a research report on Friday, May 8th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of C$23.69.

RioCan Real Estate Investment Trust Stock Performance

Shares of REI.UN traded down C$0.48 during trading hours on Thursday, reaching C$21.47. 653,362 shares of the company traded hands, compared to its average volume of 711,006. 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 stock's fifty day moving average is C$22.60 and its 200 day moving average is C$21.02. RioCan Real Estate Investment Trust has a 1-year low of C$17.51 and a 1-year high of C$23.25. The stock has a market cap of C$6.25 billion, a P/E ratio of 25.87 and a beta of 0.95.

RioCan Real Estate Investment Trust (TSE:REI.UN - Get Free Report) last announced 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 during the quarter. RioCan Real Estate Investment Trust had a net margin of 4.86% and a return on equity of 0.78%.

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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