TD Securities Reaffirms Their Hold Rating on AGF Management B NV

By Carrie Williams

Yesterday, an analyst has provided a rating update for the Financial sector company, AGF Management B NV (TSX: AGF.B). The company received a Hold rating from TD Securities’ analyst Graham Ryding, with a C$7.50 price target.

Ryding noted:

“We have raised our estimates slightly and increased our target price to $7.50 (from $6.50) on the back of a slightly higher multiple (up by 0.5x). We still see a fairly muted growth outlook, but we acknowledge that its core mutual fund platform appears to be stabilizing.”

According to TipRanks.com, Ryding is ranked #1087 out of 4600 analysts.

Currently, the analyst consensus on AGF Management B NV is Hold and the average price target is C$6.96, representing a 3.3% upside.

In a report issued on June 28, Scotiabank also maintained a Hold rating on the stock with a C$6 price target.

AGF Management B NV’s market cap is currently C$535.4M and has a P/E ratio of 10.5.

AGF Management Ltd. is an independent investment management firm which provides investment solutions with operations and investments in Canada, the United States, the United Kingdom, Ireland and Asia. The company’s products include a diversified family of award-winning mutual funds, mutual fund wrap programs and pooled funds. AGF Management was founded by C. Warren Goldring and Allan Manford in 1957 and is headquartered in Toronto, Canada.

The company’s shares closed on Thursday at $6.74, close to its 52-week high of $7.03.