CIBC Raises Canadian Apartment Properties REIT (TSE:CAR.UN) Price Target to C$58.00

Canadian Apartment Properties REIT (TSE:CAR.UN) had its target price lifted by CIBC from C$55.00 to C$58.00 in a research note published on Wednesday morning, BayStreet.CA reports. CIBC currently has a neutral rating on the stock.

Several other brokerages also recently commented on CAR.UN. Raymond James boosted their price objective on shares of Canadian Apartment Properties REIT from C$59.00 to C$61.00 in a research report on Friday, September 6th. BMO Capital Markets boosted their target price on shares of Canadian Apartment Properties REIT from C$57.00 to C$61.00 and gave the stock an outperform rating in a research note on Wednesday. Royal Bank of Canada boosted their target price on shares of Canadian Apartment Properties REIT from C$58.00 to C$60.00 in a research note on Friday, August 9th. TD Securities boosted their target price on shares of Canadian Apartment Properties REIT from C$60.00 to C$62.00 and gave the stock a buy rating in a research note on Wednesday, September 4th. Finally, Scotiabank boosted their target price on shares of Canadian Apartment Properties REIT from C$54.00 to C$54.25 in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Canadian Apartment Properties REIT presently has a consensus rating of Moderate Buy and a consensus price target of C$57.81.

Canadian Apartment Properties REIT Stock Up 1.6 %

TSE CAR.UN opened at C$55.72 on Wednesday. The company has a current ratio of 0.36, a quick ratio of 0.16 and a debt-to-equity ratio of 76.05. Canadian Apartment Properties REIT has a 1-year low of C$40.52 and a 1-year high of C$56.71. The company has a 50 day moving average of C$50.88 and a 200-day moving average of C$47.12. The company has a market cap of C$9.31 billion, a price-to-earnings ratio of -174.13, a PEG ratio of -10.12 and a beta of 1.23.

About Canadian Apartment Properties REIT

CAPREIT is Canada’s largest publicly traded provider of quality rental housing. As at December 31, 2023, CAPREIT owns approximately 64,300 residential apartment suites, townhomes and manufactured home community sites that are well-located across Canada and the Netherlands, with approximately $16.5 billion of investment properties in Canada and Europe.