Canadian Apartment Properties REIT (TSE:CAR.UN)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$37.47 and last traded at C$37.29, with a volume of 61149 shares traded. The stock had previously closed at C$37.10.

CAR.UN has been the subject of several analyst reports. National Bank Financial raised their target price on Canadian Apartment Properties REIT from C$36.25 to C$36.50 and gave the stock an “outperform” rating in a research note on Tuesday, October 31st. Royal Bank of Canada boosted their price target on Canadian Apartment Properties REIT from C$35.00 to C$38.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 7th. BMO Capital Markets reiterated an “outperform” rating and set a C$39.00 price objective (up previously from C$35.00) on shares of Canadian Apartment Properties REIT in a research report on Monday, November 13th. TD Securities upped their price objective on Canadian Apartment Properties REIT from C$38.00 to C$40.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. Finally, Scotiabank upped their price objective on Canadian Apartment Properties REIT from C$36.50 to C$37.00 and gave the company a “sector perform” rating in a research report on Wednesday, November 8th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Canadian Apartment Properties REIT currently has an average rating of “Buy” and an average target price of C$37.38.

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About Canadian Apartment Properties REIT

Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) is a Canada-based open-ended real estate investment trust. CAPREIT’s investment objectives are to provide unitholders with long-term, monthly cash distributions; grow normalized funds from operations (NFFO), distributions and Unit value through the management of its properties, acquisitions and financial management, and reinvest capital within the property portfolio.

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