In a report released yesterday, Scott Chan CFA from Canaccord Genuity maintained a Buy rating on CI Financial (CIFAF), with a price target of C$29.00. The company’s shares closed last Monday at $7.95, equals to its 52-week low of $7.95.
According to TipRanks.com, CFA is a 1-star analyst with an average return of -4.2% and a 40.5% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, National Bank of Canada, and Toronto Dominion Bank.
Currently, the analyst consensus on CI Financial is a Hold with an average price target of $18.37.
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Based on CI Financial’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $535 million and net profit of $148 million. In comparison, last year the company earned revenue of $529 million and had a net profit of $140 million.
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CI Financial Corp. engages in the business of management, marketing, distribution, and administration of investment funds. It operates through 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 Asset Administration segment involves commissions and fees earned on the sale of mutual funds and other financial products and ongoing service to clients. It offers services through brokers, independent financial planners, and insurance advisors. The company was founded in 1965 and is headquartered in Toronto, Canada.
