A Wall Street analyst has provided a rating update for the Financial sector company today, while remaining neutral on the stock. Analyst John Aiken from Barclays reiterated a Hold rating on CI Financial (CIX – Research Report), with a C$19 price target.
According to TipRanks.com, Aiken is a 1-star analyst with an average return of -2.2% and a 38.2% success rate. Aiken covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Manulife Financial Corp, and National Bank of Canada.
Currently, the analyst consensus on CI Financial is a Hold with an average price target of C$21.14, implying a 17.8% upside from current levels. In a report issued on January 13, CIBC also reiterated a Hold rating on the stock with a C$21 price target.
Based on CI Financial’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$158 million. In comparison, last year the company had a net profit of C$129 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 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 Monday at C$17.94, close to its 52-week low of C$16.47.