CI Financial (CIX) Receives a Hold from Scotiabank

By Ryan Adsit

CI Financial (TSX: CIX), the Financial sector company, was revisited by a Wall Street analyst yesterday. Analyst Phil Hardie from Scotiabank remains neutral on the stock and has a C$24 price target.

According to TipRanks.com, Hardie is ranked #1394 out of 4850 analysts.

CI Financial has an analyst consensus of Hold, with a price target consensus of C$24.67, which is a 13.8% upside from current levels. In a report issued on July 27, Desjardins also reiterated a Hold rating on the stock with a C$25 price target.

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CI Financial’s market cap is currently C$5.87B and has a P/E ratio of 11.1. The company has a Price to Book ratio of 3.22.

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 Asset Management segment includes fees earned on the management of mutual, segregated, pooled and closed-end funds, structured products and discretionary accounts.

The company’s shares closed on Friday at C$21.68, close to its 52-week low of C$21.10.