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Scotiabank Thinks Power Corp of Canada’s Stock is Going to Recover


Power Corp of Canada (POW), the Financial sector company, was revisited by a Wall Street analyst yesterday. Analyst Phil Hardie from Scotiabank rated Power Corp of Canada (POW) a Buy, setting a C$32 price target.

According to TipRanks.com, Hardie is a 3-star analyst with an average return of 3.9% and a 56.8% success rate. Hardie covers the Financial sector, focusing on stocks such as Fairfax Financial Holdings, Alaris Royalty Corp, and Element Financial.

Power Corp of Canada has an analyst consensus of Moderate Buy, with a price target consensus of C$31, representing a 13.4% upside. In a report issued on November 6, BMO Capital also maintained a Buy rating on the stock with a C$31 price target.

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Based on Power Corp of Canada’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of C$11.97 billion and net profit of C$360 million. In comparison, last year the company earned revenue of C$12.37 billion and had a net profit of C$483 million.

Power Corp. of Canada is a management and holding company, which engages in the financial, sustainable and renewable energy, asset management, communications, and other business sectors. It operates through the following segments: Lifeco, IGM Financial, and Pargesa.

The company’s shares closed on Thursday at C$27.33, close to its 52-week low of C$26.56.