Granite Real Estate Investment Trust (TSE:GRT.UN) Sets New 1-Year High on Analyst Upgrade

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s stock price reached a new 52-week high during mid-day trading on Friday after BMO Capital Markets raised their price target on the stock from C$87.00 to C$97.00. The company traded as high as C$92.76 and last traded at C$92.76, with a volume of 83136 shares. The stock had previously closed at C$89.57.

Several other research firms also recently commented on GRT.UN. 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. Royal Bank Of Canada upped their price objective on shares of Granite Real Estate Investment Trust from C$90.00 to C$100.00 in a report on Friday. TD Securities increased their target price on shares of Granite Real Estate Investment Trust from C$94.00 to C$96.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Canadian Imperial Bank of Commerce boosted their price target on Granite Real Estate Investment Trust from C$90.00 to C$98.00 in a research report on Friday. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of C$93.38.

Granite Real Estate Investment Trust Price Performance

The firm has a market capitalization of C$5.62 billion, a P/E ratio of 19.61 and a beta of 1.29. The company has a fifty day moving average of C$86.13 and a 200 day moving average of C$80.68. The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61.

About Granite Real Estate Investment Trust

Granite Real Estate Investment Trust, or Granite, is a real estate investment trust engaged in the acquisition, development, and management of primarily industrial properties in North America and Europe. Granite’s portfolio comprises various manufacturing, corporate office, warehouse and logistics, and product engineering facilities. The vast majority of the company’s assets are logistics and distribution warehouses and multipurpose buildings split fairly evenly amongst Canadian, Austrian, and U.S.