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Canaccord Genuity Thinks CI Financial’s Stock is Going to Recover


CI Financial (CIX), the Financial sector company was revisited yesterday, and remains undervalued for at least one analyst on the street. The company received a Buy rating from Canaccord Genuity’s analyst Scott Chan CFA, with a C$24 price target.

According to TipRanks.com, CFA is a 1-star analyst with an average return of -1.4% and a 41.6% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Manulife Financial Corp, and National Bank of Canada.

Currently, the analyst consensus on CI Financial is a Hold with an average price target of C$21.50, implying a 9.2% upside from current levels. In a report issued on October 26, BMO Capital also reiterated a Buy rating on the stock with a C$25 price target.

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Based on CI Financial’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of C$160 million. In comparison, last year the company had a net profit of C$141 million.

CI Financial Corp. engages in the business of management, marketing, distribution, and administration of investment funds. It operates in the Asset Management and Asset Administration segments. The Asset Management segment includes fees earned on the management of mutual, segregated, pooled and closed-end funds, structured products and discretionary accounts.

The company’s shares closed on Thursday at C$19.69, close to its 52-week low of C$18.38.