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CI Financial downgraded to Market Perform from Outperform at Keefe Bruyette
The Fly

CI Financial downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette downgraded CI Financial (CIXXF) to Market Perform from Outperform with a price target of C$31.50, up from C$28, citing the Mubadala take-private offer announcement. The firm’s new price target assumes a high probability that the proposed deal is approved by shareholders. While there is always the possibility of another bid developing, Keefe assigns a low probability to that scenario, the analyst tells investors in a research note.

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