Canaccord Genuity Sticks to Its Hold Rating for IGM Financial (IGIFF)


Canaccord Genuity analyst Scott Chan CFA maintained a Hold rating on IGM Financial (IGIFF) yesterday and set a price target of C$34.00. The company’s shares closed last Thursday at $25.32.

According to TipRanks.com, CFA is a 3-star analyst with an average return of 1.5% and a 48.4% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, National Bank of Canada, and Toronto Dominion Bank.

The word on The Street in general, suggests a Hold analyst consensus rating for IGM Financial with a $23.97 average price target, implying a -5.3% downside from current levels. In a report issued on August 4, Scotiabank also maintained a Hold rating on the stock.

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The company has a one-year high of $30.55 and a one-year low of $14.48. Currently, IGM Financial has an average volume of 1,176.

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IGM Financial, Inc. operates as a financial services company, which engages in the management and distribution of mutual funds and other managed asset products. It operates through the following segments: Investors Group, Mackenzie Investments, and Corporate & Other. The Investors Group segment provides financial advisory services for investments, retirement, mortgage, estate planning, tax planning, and insurance. The Mackenzi Investments segment offers funds products, private wealth solutions, managed assets, group plans, tax and estate planning, payout service, and dollar cost averaging. The Corporate and Other segment includes net investment income that are not allocated to other segments, proportionate share of earnings of Great-West Lifeco Inc., operating results for Investment Planning Counsel Inc., and consolidation elimination entries. The company was founded on August 3, 1978 and is headquartered in Winnipeg, Canada.

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