Canaccord Genuity Maintains Their Buy Rating on CI Financial

By Jason Carr

In a new note to investors today, an analyst has provided a rating update for the Financial sector company, CI Financial (TSX: CIX). The company received a Buy rating from Canaccord Genuity’s analyst Scott Chan CFA, with a C$32 price target.

According to TipRanks.com, CFA is a 2-star analyst with an average return of 0.3% and a 42.0% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Goldman Sachs Group Inc, and Bank Of Nova Scotia.

CI Financial has an analyst consensus of Moderate Buy, with a price target consensus of C$30.88.

Based on CI Financial’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of C$504 million and quarterly net profit of C$141 million. In comparison, last year the company earned revenue of C$506 million and had a net profit of C$121 million.

CI Financial Corp. engages in the business of management, marketing, distribution, and administration of investment funds. It operates in the Asset Management and Asset Administration segments.

The company’s shares closed on Wednesday at C$27.82.