Granite Real Estate Investment Trust (TSE:GRT.UN) Hits New 52-Week High on Analyst Upgrade

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) hit a new 52-week high 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 analysts have also weighed in on GRT.UN. Royal Bank Of Canada lifted their price objective on Granite Real Estate Investment Trust from C$90.00 to C$100.00 in a research report on Friday. Canadian Imperial Bank of Commerce raised their target price on Granite Real Estate Investment Trust from C$90.00 to C$98.00 in a research note on Friday. Raymond James Financial lowered Granite Real Estate Investment Trust from a “strong-buy” rating to an “outperform” rating and boosted their price target for the company from C$93.00 to C$96.00 in a research note on Wednesday, January 14th. Finally, TD Securities raised their price objective 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. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of C$93.38.

Granite Real Estate Investment Trust Trading Up 3.5%

The business 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 quick ratio of 1.61 and a current ratio of 0.35. The company has a market capitalization of C$5.62 billion, a P/E ratio of 19.61 and a beta of 1.29.

Granite Real Estate Investment Trust Company Profile

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.