CIBC Lowers CI Financial (TSE:CIX) Price Target to C$23.00

CI Financial (TSE:CIX – Get Rating) had its price objective lowered by equities research analysts at CIBC from C$28.00 to C$23.00 in a research note issued on Monday, BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. CIBC’s target price would indicate a potential upside of 60.39% from the company’s previous close.

Several other research analysts have also recently issued reports on CIX. Royal Bank of Canada cut CI Financial from an “outperform” rating to a “hold” rating and reduced their price objective for the stock from C$26.00 to C$19.00 in a research note on Monday. Barclays cut their price objective on CI Financial from C$29.00 to C$25.00 in a report on Friday. BMO Capital Markets cut their price objective on CI Financial from C$26.00 to C$25.00 in a report on Friday. Keefe, Bruyette & Woods cut their price objective on CI Financial from C$36.00 to C$29.00 and set a “market perform” rating on the stock in a report on Wednesday, February 23rd. Finally, TD Securities cut their price objective on CI Financial from C$19.00 to C$16.00 and set a “hold” rating on the stock in a report on Friday. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of C$24.06.

CIX stock traded down C$0.63 during trading on Monday, reaching C$14.34. 1,191,112 shares of the company traded hands, compared to its average volume of 852,658. CI Financial has a 12 month low of C$13.90 and a 12 month high of C$30.88. The business has a 50 day simple moving average of C$18.54 and a 200 day simple moving average of C$23.36. The company has a market capitalization of C$2.81 billion and a price-to-earnings ratio of 7.10. The company has a debt-to-equity ratio of 245.52, a quick ratio of 0.23 and a current ratio of 0.68.

CI Financial (TSE:CIX – Get Rating) last issued its quarterly earnings data on Tuesday, February 22nd. The company reported C$0.87 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.86 by C$0.01. The company had revenue of C$762.90 million for the quarter. As a group, research analysts forecast that CI Financial will post 3.8199998 EPS for the current year.

About CI Financial (Get Rating)

CI Financial Corp. is a publicly owned asset management holding company. Through its subsidiaries, the firm manages separate client focused equity, fixed income, and alternative investments portfolios. It also manages mutual funds, hedge funds, and fund of funds for its clients through its subsidiaries.

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