In a new note to investors yesterday, an analyst has provided a rating update for Morguard NA REIT UN (MRG.UN). RBC Capital’s analyst Neil Downey expressed some doubt about the stock, as it was downgraded to Hold with a C$18 price target.
Downey has an average return of 25.0% when recommending Morguard NA REIT UN.
According to TipRanks.com, Downey is ranked #398 out of 5107 analysts.
Currently, the analyst consensus on Morguard NA REIT UN is a Moderate Buy with an average price target of C$18.50.
Based on Morguard NA REIT UN’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$21.55 million. In comparison, last year the company had a net profit of C$7.56 million.
Morguard North American Residential REIT is an open-ended real estate investment trust. It own a diversified portfolio of multi-suite residential rental properties.
The company’s shares closed on Wednesday at C$17.15.
