Canaccord Genuity Sticks to Its Buy Rating for CI Financial (CIFAF)

In a report issued on April 30, Scott Chan CFA from Canaccord Genuity maintained a Buy rating on CI Financial (CIFAFResearch Report), with a price target of C$26.50.

According to TipRanks.com, CFA is a 4-star analyst with an average return of 9.2% and a 59.6% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, National Bank of Canada, and Toronto Dominion Bank.

Currently, the analyst consensus on CI Financial is a Moderate Buy with an average price target of $18.53, implying a 40.8% upside from current levels. In a report issued on April 23, RBC Capital also maintained a Buy rating on the stock with a C$24.00 price target.

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Based on CI Financial’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $566 million and net profit of $105 million. In comparison, last year the company earned revenue of $536 million and had a net profit of $148 million.

Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CIFAF in relation to earlier this year.

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CI Financial Corp. engages in the business of management, marketing, distribution, and administration of investment funds. It operates through 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 Asset Administration segment involves commissions and fees earned on the sale of mutual funds and other financial products and ongoing service to clients. It offers services through brokers, independent financial planners, and insurance advisors. The company was founded in 1965 and is headquartered in Toronto, Canada.