H&R Real Estate Investment Trust (TSE:HR.UN) saw its price target reduced by Royal Bank of Canada from C$13.00 to C$11.50 in a note released on Tuesday. Despite the cut, the brokerage maintained an "outperform" rating on the stock, suggesting a potential upside of 18.56% from its current price.
The adjustment follows a series of other recent changes in analyst ratings. National Bank Financial downgraded HR.UN from "outperform" to "sector perform" and lowered its price target to C$11.50 on August 13th. TD also reduced its target price from C$11.50 to C$11.00 while keeping a "buy" rating in a report on August 25th.
Currently, HR.UN has mixed analyst ratings, with three recommending a "buy" and two suggesting a "hold". The average rating stands at "moderate buy" with an average price target of C$11.50. The stock recently traded at C$9.70, up C$0.13 on Tuesday, with a trading volume of 431,189 shares.
H&R REIT, one of Canada's largest real estate investment trusts, owns a portfolio of residential, industrial, and office properties totaling approximately 21.3 million square feet. The company reported earnings of C$0.14 per share for the recent quarter, with revenue of C$169.78 million.