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CIBC Sticks to Its Hold Rating for CI Financial (CIX)


A Wall Street analyst has provided a rating update for the Financial sector company today, while remaining neutral on the stock. Analyst Paul Holden from CIBC rated CI Financial (CIX) a Hold, setting a C$22 price target.

According to TipRanks.com, Holden is a 3-star analyst with an average return of 3.3% and a 51.1% success rate. Holden covers the Financial sector, focusing on stocks such as Fairfax Financial Holdings, Manulife Financial Corp, and Sun Life Financial.

CI Financial has an analyst consensus of Hold, with a price target consensus of C$21.88, an 8.7% upside from current levels. In a report issued on October 26, Barclays also maintained a Hold rating on the stock with a C$21 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 Friday at C$20.12, close to its 52-week low of C$18.38.