Scotia Forecasts Strong Price Appreciation for Granite Real Estate Investment Trust (TSE:GRT.UN) Stock

Key Points

• Scotia raised its price target on Granite Real Estate Investment Trust to C$105 (from C$100) and kept a sector outperform rating, implying roughly an 11.99% upside from the prior close.
• Multiple firms have also boosted targets—Granite's consensus analyst target is C$99.64 with eight analysts issuing a Buy rating, signaling broad analyst optimism.
• Shares traded at C$93.76 (up ~1.5%), the REIT has a market cap of C$5.69 billion, reported last-quarter EPS of C$1.51, and owns 147 logistics/industrial properties totaling about 62.6 million sq ft.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U had its price target hoisted by equities researchers at Scotia from C$100.00 to C$105.00 in a report issued on Friday,BayStreet.CA reports. The firm presently has a "sector outperform" rating on the stock. Scotia's price objective indicates a potential upside of 11.99% from the stock's previous close.

Several other research firms have also commented on GRT.UN. National Bank Financial boosted their price objective on shares of Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the stock an "outperform" rating in a research note on Monday, April 20th. BMO Capital Markets boosted their target price on shares of Granite Real Estate Investment Trust from C$87.00 to C$97.00 in a research report on Friday, February 27th. Raymond James Financial downgraded shares of Granite Real Estate Investment Trust from a "strong-buy" rating to an "outperform" rating and boosted their target price for the stock from C$93.00 to C$96.00 in a research report on Wednesday, January 14th. Canaccord Genuity Group boosted their target price on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Canadian Imperial Bank of Commerce boosted their target price on shares of Granite Real Estate Investment Trust from C$90.00 to C$98.00 in a research report on Friday, February 27th. Eight investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Granite Real Estate Investment Trust has an average rating of "Buy" and a consensus target price of C$99.64.

Granite Real Estate Investment Trust Stock Up 1.5%

Shares of TSE:GRT.UN traded up C$1.37 on Friday, reaching C$93.76. The company had a trading volume of 27,536 shares, compared to its average volume of 119,961. Granite Real Estate Investment Trust has a 52-week low of C$63.85 and a 52-week high of C$95.00. The firm's 50 day simple moving average is C$87.70 and its 200-day simple moving average is C$84.02. The firm has a market capitalization of C$5.69 billion, a PE ratio of 16.60 and a beta of 1.34. The company has a current ratio of 0.35, a quick ratio of 1.61 and a debt-to-equity ratio of 57.74.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last announced its quarterly earnings results on Wednesday, May 6th. The company reported C$1.51 earnings per share (EPS) for the quarter. The business had revenue of C$165.83 million for the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%. As a group, analysts expect that Granite Real Estate Investment Trust will post 5.580574 earnings per share 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.

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