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Royal Bank Raises Allied Properties REIT Price Target to C$18.00

Allied Properties Real Estate Investment Trust (TSE: AP.UN) has received a price target increase from the Royal Bank of Canada, which raised its target from C$17.00 to C$18.00. This adjustment, announced in a research note on May 2, 2023, indicates a potential upside of 5.39% from the stock’s previous close. The Royal Bank currently maintains a “sector perform” rating on the real estate investment trust’s shares.

Several analysts have recently assessed Allied Properties, reflecting a diverse range of opinions. On the same day, CIBC reduced its price target from C$19.00 to C$17.50, designating a “neutral” rating. Conversely, Desjardins elevated its target from C$17.00 to C$18.00, also recommending a “hold” rating.

In further evaluations, Canaccord Genuity Group decreased its price target from C$17.75 to C$15.50 while maintaining a “hold” rating. Scotiabank adjusted its price objective from C$20.50 to C$19.00 but continued to endorse an “outperform” rating. Additionally, TD Securities raised its target from C$18.00 to C$20.00, assigning a “buy” rating to the stock.

As it stands, seven investment analysts have given Allied Properties a hold rating, while two have assigned a buy rating. According to MarketBeat, the stock currently holds an average rating of “Hold” and a consensus target price of C$17.64.

Allied Properties Real Estate Investment Trust is primarily involved in the development, management, and ownership of urban office environments across major Canadian cities. The majority of its real estate portfolio is situated in Toronto and Montreal.

With the stock recently experiencing a decline of 1.3%, these analyst ratings and adjustments highlight the varying perspectives on the company’s market performance and future potential. Investors may find it beneficial to stay updated on the latest assessments to navigate their investment strategies effectively.

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