RBC Capital Slashes IGM Financial Price Target By 11%

  • RBC Capital analyst Geoffrey Kwan lowered the price target for IGM Financial Inc. IGM IGIFF to C$47 from C$53 while maintaining the Sector Perform rating on the shares.
  • Kwan notes the reduced target reflects lower financial forecasts given the significant decline in equity markets since the last report.
  • Kwan believes IGM is delivering the best fundamentals within the traditional asset/wealth manager coverage universe and in the current volatile market environment, is the most defensive stock within the group.
  • The analyst views IGM shares as appropriate for investors looking for attractive valuation upside within asset/wealth managers when markets improve but want downside protection should the market decline further and have potential catalysts (e.g., M&A), strong fundamentals, and an inexpensive valuation.
  • Price Action: IGM shares closed lower by 2.51% at C$36.48 on TSX on Monday.
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