All over the map... I'd take $25 right now! Barclays’ John Aiken cut his CI Financial Corp. target to $25, above the $24.19 average, from $28 with an “overweight” rating. Others making changes include: Scotia’s Phil Hardie to $21 from $25 with a “sector perform” rating, TD’s Graham Ryding to $16 from $19 with a “hold” rating and BMO’s Tom MacKinnon to $25 from $26 with an “outperform” rating.
“While market conditions and flows are casting a shadow on CI’s outlook, our positive view on CI is predicated on the substantial growth and profitability of its U.S. business and the continued valuation discount despite CI’s proven success south of the border,” said Mr. Aiken.
“Despite our more conservative estimates, we continue to forecast solid earnings growth and this does not reflect the potential impact of expected share repurchases or acquisitions announced but not yet closed. Heading out of reporting we have decreased our price target.”