| 10:29 AM EDT, 05/05/2021 (MT Newswires) -- Scotiabank raised its price target on shares of CI Financial Corp. (CIX.TO) and IGM Financial Inc. (IGM.TO). Analyst Phil Hardie increased his target on CIX to $22 from $21, and on IGM to $47 from $46, while maintaining Sector Perform ratings on both. "Given the improved operational environment for the fundcos, we have increased our target valuation multiple for CIX and IGM," Hardie said in a note to clients. The analyst said conditions in the asset management industry have improved dramatically in the past year, as retail flows hit record levels through the first quarter and supported a seasonally strong RRSP reason. "Asset managers across our coverage universe disclosed robust rebounds in flows," Hardie said. The analyst said IGM reported record flows for its first quarter, and AGF Management Ltd. (AGF-B.TO) reported its strongest quarter for retail net sales since 2007. He said that CIX's Canadian retail segment remained in outflows, but did see improvement, and the asset manager reporter its strongest consolidated net sales since 2017. "A strong market rally helped boost assets under management and support robust year-over-year earnings growth across the group," Hardie said. |