This morning's G&M RBC’s Geoffrey Kwan raised his CI Financial Corp. (CIX-T) target to $34 from $32 with an “outperform” rating. Others making changes including: Canaccord Genuity’s Scott Chan to $35 from $32.50 with an “outperform” rating; Desjardins’ Gary Ho to $34 from $31 with a “buy” rating and CIBC’s Nik Priebe to $37 from $35 with an “outperformer” rating. The average is $33.89.
“CI reported a generally positive quarter. Adjusted diluted EPS was in line, but earnings quality has remained strong over the [last 12-month] period (measured by free cash flow conversion). Net flows remained positive in October, driven by continued momentum in retail. The company signalled that deal activity could slow in 2022, which is consistent with our expectations. We continue to like CI,” said Mr. Priebe.