BMO Capital Believes Canadian Apartment (TSX: CAR.UN) Still Has Room to Grow

By Austin Angelo

Canadian Apartment (TSX: CAR.UN), the Financial sector company, was revisited by a Wall Street analyst yesterday. Analyst Heather Kirk from BMO Capital reiterated a Buy rating, with a C$39 price target.

Kirk has an average return of 16.3% when recommending Canadian Apartment.

According to TipRanks.com, Kirk is ranked #465 out of 4706 analysts.

Currently, the analyst consensus on Canadian Apartment is Moderate Buy and the average price target is C$37.31, representing a 1.4% upside.

In a report issued on November 7, RBC Capital also reiterated a Buy rating on the stock with a C$38 price target.

Based on Canadian Apartment’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of C$154 million and quarterly net profit of C$216 million. In comparison, last year the company earned revenue of C$151 million and had a net profit of C$131 million.

Canadian Apartment Properties Real Estate Investment Trust owns and operates a portfolio of multi-unit residential rental properties, including apartments, townhomes and manufactured home communities located in and near major urban centers across Canada. Its portfolio includes fee simple interests apartments and townhomes, operating leasehold interests, land leasehold interests and fee simple interests MHC land lease sites. The company was founded by Thomas H. Schwartz and Michael Leon Stein on February 3, 1997 and is headquartered in Toronto, Canada.

The company’s shares closed on Tuesday at C$36.80, close to its 52-week high of C$37.35.