Summit Industries REIT Un Receives a Buy from CIBC

Summit Industries REIT Un (TSX: SMU.UN), the Financial sector company was revisited yesterday, and remains undervalued for at least one analyst on the street. Analyst Chris Couprie from CIBC rated Summit Industries REIT Un (TSX: SMU.UN) a Buy, setting a C$9.25 price target.

Couprie has an average return of 6.8% when recommending Summit Industries REIT Un.

According to TipRanks.com, Couprie is ranked #2552 out of 4829 analysts.

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Summit Industries REIT Un has an analyst consensus of Moderate Buy, with a price target consensus of C$9.13.

Based on Summit Industries REIT Un’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$26.56 million. In comparison, last year the company had a net profit of C$6.19 million.

Summit Industrial Income REIT is an open-ended mutual fund trust, which engages in growing and managing a portfolio of light industrial properties. Its properties are located in Ontario, Quebec, Alberta, British Columbia, and New Brunswick. The company was founded on November 4, 2005 and is headquartered in Brampton, Canada.

The company’s shares closed on Monday at C$8.66.