Allied Prop. REIT (AP.UN) Receives a Buy from Desjardins


Allied Prop. REIT (TSX: AP.UN), the Financial sector company was revisited yesterday, and remains undervalued for at least one analyst on the street. Analyst Michael Markidis from Desjardins remains bullish on the stock and has a C$47 price target.

Markidis has an average return of 11.4% when recommending Allied Prop. REIT.

According to TipRanks.com, Markidis is ranked #709 out of 4853 analysts.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Allied Prop. REIT with a C$45.65 average price target, which is a 7.1% upside from current levels. In a report issued on July 30, BMO Capital also reiterated a Buy rating on the stock with a C$46 price target.

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Based on Allied Prop. REIT’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of C$114 million. In comparison, last year the company had a net profit of C$113 million.

Allied Properties Real Estate Investment Trust engages in owning, management, and development of urban office environments. It offers services such as rental overview and search, available space, and tenant profile. The company was founded on October 25, 2002 and is headquartered in Toronto, Canada.

The company’s shares closed on Thursday at C$42.64.

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