Canaccord Genuity analyst Scott Chan expects TSX-listed asset managers to exhibit “solid” assets under management growth in their fourth-quarter results, benefitting from improving industry fund flows.
“Positive equity markets support our higher Q4/20 forecasts, while industry-wide mutual fund net sales materially improved,” he said. “While marking December 2020 AUM, we increased our Q4 EPS forecast on CIX and IGM by 2 cents each.”
With that view, Mr. Chan raised his target prices for stocks in his coverage universe...
* CI Financial Corp. “buy” to $24 from $23. The average on the Street is $20.56.