Canadian Apartment Properties REIT (CAR.UN) Reaches New 12-Month High Following Analyst Upgrade

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Canadian Apartment Properties REIT (TSE:CAR.UN) reached a new 52-week high during trading on Thursday after CIBC raised their price target on the stock from C$50.00 to C$52.00. The stock traded as high as C$49.49 and last traded at C$49.42, with a volume of 264373 shares trading hands. The stock had previously closed at C$49.12.

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada upped their price target on shares of Canadian Apartment Properties REIT from C$53.00 to C$54.00 and gave the company a “sector perform” rating in a research report on Thursday. National Bank Financial upped their price target on shares of Canadian Apartment Properties REIT from C$51.00 to C$52.00 in a research report on Thursday. Raymond James reaffirmed an “outperform” rating and set a C$52.00 price target on shares of Canadian Apartment Properties REIT in a research report on Thursday, February 28th. Finally, TD Securities upped their price target on shares of Canadian Apartment Properties REIT from C$52.00 to C$54.00 and gave the company a “buy” rating in a research report on Thursday, February 28th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of C$51.56.

The company has a debt-to-equity ratio of 71.85, a current ratio of 0.15 and a quick ratio of 0.06. The company has a market capitalization of $7.40 billion and a price-to-earnings ratio of 8.15.

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About Canadian Apartment Properties REIT (TSE:CAR.UN)

CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities (“MHC”) primarily located in and near major urban centres across Canada. As at December 31, 2018, CAPREIT had owning interests in 51,528 residential units, comprised of 44,935 residential suites and 32 MHC comprising 6,593 land lease sites.

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