Canadian Apartment (CAR.UN) was Downgraded to a Hold Rating at TD Securities

By Austin Angelo

The Financial sector company, Canadian Apartment (TSX: CAR.UN), has received a rating update from a Wall Street analyst on August 10. TD Securities’ analyst Jonathan Kelcher downgraded CAR.UN to Hold on August 10 , with a C$46 price target.

Kelcher has an average return of 20.9% when recommending Canadian Apartment.

According to TipRanks.com, Kelcher is ranked #1141 out of 4848 analysts.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Canadian Apartment with a C$43.83 average price target, which is a 0.0% downside from current levels. In a report issued on July 30, Canaccord Genuity also reiterated a Hold rating on the stock with a C$43.50 price target.

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Based on Canadian Apartment’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$100 million. In comparison, last year the company had a net profit of C$103 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.

The company’s shares closed on Friday at C$43.85, close to its 52-week high of C$44.63.