RE:RE:RE:We need a Big Flush before we head Higher BMO’s tienne Ricard lowered his Fiera Capital Corp. (
) target to $7.50 from $8 with an “outperform” rating. The average is $6.93.
“FSZ’s stock price grants zero value to AUM sub-advised by PineStone,” he said. “We frame the value of FSZ’s in-house strategies in the $4.00-4.50 range with an additional $3.00-3.50 derived from PineStone. The risk of AUM leakage at PineStone has been the key pushback raised in our investor discussions. With the stock now fully writing off PineStone sub-advised AUM, we struggle to see material downside at current levels. We reiterate our Outperform on an attractive risk-reward.”