ONEX Corporation Receives a Buy from Canaccord Genuity

By Carrie Williams

ONEX Corporation (TSX: ONEX), the Financial sector company, was revisited by a Wall Street analyst today. Canaccord Genuity’s analyst Scott Chan CFA reiterates their Buy rating on the shares, with a C$108 price target.

Chan CFA commented:

“We believe ONEX shares remain relatively attractive over the medium to long term based on: (1) cash deployment into higher yielding investments supporting the firm’s medium-term NAV growth target of 15%; (2) continued expected growth in its Credit platform (supported by CLO issuances and (3) potential for realization of stronger returns on their Private Equity (PE) investments. Credit platform. Onex continues to see runway for further growth, with regulatory changes providing opportunity for non-traditional lenders (market share has shifted dramatically non-bank institutions now accounting for 95% of the issuance (vs 2002: 70%).”

According to TipRanks.com, CFA is ranked #3175 out of 4830 analysts.

Read also: Short Opportunity: LexinFintech Holdings (LX)

ONEX Corporation has an analyst consensus of Moderate Buy, with a price target consensus of C$107.50.

The company has a one-year high of C$106.05 and a one-year low of C$85.60. Currently, ONEX Corporation has an average volume of 116.4K.

ONEX Corp. operates as a private equity company which invests in other industries. The company operates through followings: Electronics Manufacturing Services, Healthcare Imaging and Health & Human Services. The Electronics Manufacturing Services segment consists of the business of Celestica Inc. and its subsidiaries.

The company’s shares closed on Thursday at C$92.73.