Allied Properties Real Estate Investment (AP.UN) Sets New 12-Month High Following Analyst Upgrade

Shares of Allied Properties Real Estate Investment (TSE:AP.UN) hit a new 52-week high during trading on Friday after Scotiabank raised their price target on the stock from C$41.00 to C$42.50. Scotiabank currently has an outperform rating on the stock. Allied Properties Real Estate Investment traded as high as C$41.81 and last traded at C$41.77, with a volume of shares traded.

A number of other analysts also recently commented on AP.UN. BMO Capital Markets reiterated a “market perform” rating and issued a C$41.00 price objective (up previously from C$40.00) on shares of Allied Properties Real Estate Investment in a research report on Thursday, August 24th. Desjardins raised their price objective on Allied Properties Real Estate Investment from C$40.00 to C$43.00 in a research report on Friday, August 18th. Raymond James Financial, Inc. reduced their price objective on Allied Properties Real Estate Investment from C$45.00 to C$40.00 and set an “outperform” rating for the company in a research report on Tuesday, August 8th. CIBC raised their price objective on Allied Properties Real Estate Investment from C$38.50 to C$42.00 in a research report on Friday, August 4th. Finally, TD Securities raised their price objective on Allied Properties Real Estate Investment from C$40.00 to C$43.00 and gave the stock a “buy” rating in a research report on Thursday, June 29th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of C$40.50.

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About Allied Properties Real Estate Investment

Allied Properties Real Estate Investment Trust is a closed-end real estate investment trust (REIT). The Trust is an owner, manager and developer of urban office properties. The Trust operates in nine urban markets in Canada: Toronto, Kitchener, Ottawa, Montreal, Quebec City, Winnipeg, Calgary, Edmonton and Vancouver.

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