Scotiabank Sticks to Their Hold Rating for Granite Real Estate

By Austin Angelo

In a latest note to investors, a research analyst has provided a rating update for the Financial sector company, Granite Real Estate (TSX: GRT.UN). Analyst Pammi Bir from Scotiabank rated Granite Real Estate (TSX: GRT.UN) a Hold on today, setting a C$51 price target.

According to TipRanks.com, Bir is ranked #625 out of 4566 analysts.

Currently, the analyst consensus on Granite Real Estate is Hold and the average price target is C$49.58, representing a -3.1% downside.

In a report issued on May 2, Canaccord Genuity also downgraded the stock to Hold with a C$51.25 price target.

Based on Granite Real Estate’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$55.15 million and quarterly net profit of C$30.3 million. In comparison, last year the company earned revenue of C$56.38 million and had a net profit of C$42.43 million.

Granite Real Estate Investment Trust engages in the acquisition, development, construction, leasing, management, and ownership of an industrial global rental portfolio of properties in North America and Europe. The company is headquartered in Toronto, Canada.

The company’s shares closed last Wednesday at $51.15, close to its 52-week high of $52.69.