Royal Bank of Canada Forecasts Strong Price Appreciation for Canadian Tire (TSE:CTC.A) Stock

Canadian Tire (TSE:CTC.A) had its price objective upped by Royal Bank of Canada from C$188.00 to C$192.00 in a report released on Friday,BayStreet.CA reports. Royal Bank of Canada’s price target would suggest a potential upside of 24.68% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. Jefferies Financial Group lifted their target price on shares of Canadian Tire from C$121.00 to C$126.00 in a research note on Friday, August 9th. CIBC upped their target price on Canadian Tire from C$153.00 to C$160.00 in a report on Friday, August 9th. Desjardins increased their target price on Canadian Tire from C$165.00 to C$175.00 in a research report on Friday, August 9th. National Bankshares upped their price target on Canadian Tire from C$146.00 to C$158.00 in a research note on Friday, August 9th. Finally, TD Securities raised Canadian Tire from a “hold” rating to a “buy” rating and raised their price objective for the company from C$160.00 to C$175.00 in a research report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of C$147.89.

Canadian Tire Stock Performance

Shares of CTC.A stock opened at C$154.00 on Friday. The firm has a market capitalization of C$8.04 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 0.35 and a beta of 1.33. The stock has a fifty day moving average of C$156.80 and a 200 day moving average of C$146.31. Canadian Tire has a 52 week low of C$126.25 and a 52 week high of C$163.00. The company has a quick ratio of 1.15, a current ratio of 1.79 and a debt-to-equity ratio of 173.58.

About Canadian Tire

Canadian Tire Corporation, Limited provides a range of retail goods and services in Canada. The company operates through three segments: Retail, CT REIT, and Financial Services. The Retail segment retails general merchandise, apparel, footwear, sporting equipment, gasoline, sporting goods and active wear, and workwear under the Canadian Tire, SportChek, Sports Experts, National Sports, Pro Hockey Life, Atmosphere, Mark's, PartSource, Gas+, and Helly Hansen banners.