Scotiabank Cuts Boardwalk REIT (TSE:BEI.UN) Price Target to C$59.00

Boardwalk REIT (TSE:BEI.UNGet Rating) had its price objective decreased by equities research analysts at Scotiabank from C$61.00 to C$59.00 in a note issued to investors on Thursday, BayStreet.CA reports. Scotiabank’s price objective suggests a potential upside of 23.59% from the company’s previous close.

A number of other brokerages have also recently commented on BEI.UN. TD Securities reduced their price objective on Boardwalk REIT from C$70.00 to C$68.00 and set a “buy” rating for the company in a research note on Thursday. Royal Bank of Canada decreased their price target on shares of Boardwalk REIT from C$69.00 to C$68.00 and set an “outperform” rating for the company in a research note on Thursday. Canaccord Genuity Group upped their price objective on Boardwalk REIT from C$58.00 to C$62.50 in a research note on Monday, February 28th. National Bankshares upped their price target on Boardwalk REIT from C$67.00 to C$68.50 in a research report on Wednesday, April 27th. Finally, BMO Capital Markets boosted their price objective on Boardwalk REIT from C$56.25 to C$61.00 in a research note on Tuesday, March 1st. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of C$62.33.

TSE BEI.UN traded up C$1.04 during trading hours on Thursday, hitting C$47.74. 43,497 shares of the company’s stock were exchanged, compared to its average volume of 157,506. The firm has a market cap of C$2.41 billion and a price-to-earnings ratio of 4.98. The stock has a 50-day simple moving average of C$56.86 and a 200 day simple moving average of C$55.51. The company has a current ratio of 0.15, a quick ratio of 0.12 and a debt-to-equity ratio of 102.21. Boardwalk REIT has a 1-year low of C$36.03 and a 1-year high of C$61.77.

Boardwalk REIT Company Profile (Get Rating)

Boardwalk REIT strives to be Canada's friendliest communities and currently owns and operates more than 200 communities with over 33,000 residential units totaling over 28 million net rentable square feet. Boardwalk's principal objectives are to provide its Residents with the best quality communities and superior customer service, while providing Unitholders with sustainable monthly cash distributions, and increase the value of its trust units through selective acquisitions, dispositions, development, and effective management of its residential multi-family communities.

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