Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) had its target price hoisted by equities research analysts at Royal Bank of Canada from C$67.00 to C$70.00 in a research note issued on Thursday, BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 6.21% from the company’s previous close.
A number of other equities research analysts also recently weighed in on GRT.UN. CIBC lifted their price objective on Granite Real Estate Investment Trust from C$69.00 to C$70.00 in a report on Tuesday, September 24th. Canaccord Genuity raised Granite Real Estate Investment Trust from a “hold” rating to a “buy” rating and lifted their price objective for the company from C$65.00 to C$70.00 in a report on Wednesday, September 4th. Finally, TD Securities lifted their price objective on Granite Real Estate Investment Trust from C$72.00 to C$73.00 and gave the company a “buy” rating in a report on Thursday. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Granite Real Estate Investment Trust presently has a consensus rating of “Buy” and an average price target of C$69.92.
TSE GRT.UN traded down C$0.17 during trading on Thursday, reaching C$65.91. 334,864 shares of the company traded hands, compared to its average volume of 78,930. The company has a debt-to-equity ratio of 46.62, a quick ratio of 6.58 and a current ratio of 7.26. The stock’s 50 day moving average price is C$64.99 and its two-hundred day moving average price is C$62.68. The company has a market cap of $3.27 billion and a price-to-earnings ratio of 7.75. Granite Real Estate Investment Trust has a 1-year low of C$52.69 and a 1-year high of C$67.35.
About Granite Real Estate Investment Trust
Granite is a Canadian based REIT engaged in the acquisition, development, ownership and management of industrial, warehouse and logistics properties in North America and Europe. Granite owns over 85 investment properties representing approximately 34 million square feet of leasable area.
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