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.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter