RioCan Real Estate Investment Trust (TSE:REI.UN) Rating Increased to Buy at Royal Bank of Canada

RioCan Real Estate Investment Trust (TSE:REI.UN) was upgraded by investment analysts at Royal Bank of Canada from a “sector perform” rating to a “buy” rating in a research note issued to investors on Friday, Price Targets.com reports. The firm presently has a C$27.00 target price on the real estate investment trust’s stock, up from their prior target price of C$24.00. Royal Bank of Canada’s price target suggests a potential upside of 13.97% from the company’s current price.

REI.UN has been the subject of several other reports. TD Securities raised their target price on RioCan Real Estate Investment Trust from C$26.00 to C$27.00 and gave the company a “buy” rating in a research note on Friday. Scotiabank set a C$25.00 target price on RioCan Real Estate Investment Trust and gave the company a “sector perform” rating in a research note on Tuesday, October 19th. lifted their price target on RioCan Real Estate Investment Trust from C$23.00 to C$24.50 in a research note on Friday, November 12th. Canaccord Genuity Group reissued a “buy” rating on shares of RioCan Real Estate Investment Trust in a report on Friday. Finally, BMO Capital Markets raised their target price on RioCan Real Estate Investment Trust from C$25.00 to C$25.75 in a report on Friday. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, RioCan Real Estate Investment Trust currently has a consensus rating of “Buy” and an average price target of C$25.28.

Shares of REI.UN traded up C$0.32 during trading hours on Friday, hitting C$23.69. The stock had a trading volume of 3,041,936 shares, compared to its average volume of 1,100,890. The company has a debt-to-equity ratio of 83.56, a current ratio of 0.90 and a quick ratio of 0.50. The firm has a 50-day simple moving average of C$22.48 and a 200-day simple moving average of C$22.39. The firm has a market capitalization of C$7.34 billion and a P/E ratio of 16.53. RioCan Real Estate Investment Trust has a 1-year low of C$17.77 and a 1-year high of C$24.31.

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About RioCan Real Estate Investment Trust

RioCan is one of Canada’s largest real estate investment trusts with a total enterprise value of approximately $13.2 billion as at December 31, 2018. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit- oriented areas where Canadians want to shop, live and work.

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