Canadian Apartment Properties REIT (CAR.UN) Sets New 52-Week High After Analyst Upgrade
Shares of Canadian Apartment Properties REIT (TSE:CAR.UN) hit a new 52-week high during mid-day trading on Monday after National Bank Financial raised their price target on the stock from C$42.50 to C$44.50. The stock traded as high as C$46.49 and last traded at C$46.37, with a volume of 200652 shares trading hands. The stock had previously closed at C$43.85.
Several other brokerages have also recently issued reports on CAR.UN. Royal Bank of Canada upped their price objective on shares of Canadian Apartment Properties REIT from C$40.00 to C$46.00 and gave the company an “outperform” rating in a research note on Monday. Canaccord Genuity boosted their target price on shares of Canadian Apartment Properties REIT from C$39.00 to C$43.50 in a report on Monday, July 30th. TD Securities lowered shares of Canadian Apartment Properties REIT from a “buy” rating to a “hold” rating and boosted their target price for the company from C$43.00 to C$46.00 in a report on Wednesday, June 27th. BMO Capital Markets boosted their target price on shares of Canadian Apartment Properties REIT from C$41.00 to C$44.00 in a report on Thursday, May 24th. Finally, Scotiabank boosted their target price on shares of Canadian Apartment Properties REIT from C$38.50 to C$40.25 and gave the company a “sector perform” rating in a report on Thursday, May 10th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of C$43.31.
Canadian Apartment Properties REIT Company Profile (TSE:CAR.UN)
Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) is a Canada-based open-ended real estate investment trust. CAPREIT’s investment objectives are to provide unitholders with long-term, monthly cash distributions; grow normalized funds from operations (NFFO), distributions and Unit value through the management of its properties, acquisitions and financial management, and reinvest capital within the property portfolio.
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