TD Securities raised its price target on IGM Financial Inc. (IGM.TO) to $56 from $51 on Monday.
Analyst Graham Ryding maintained a Buy rating on shares of the Canadian asset management company following its quarterly results.
"Q4/24 results were largely in line with expectations, but we see some encouraging momentum and fundamentals," Ryding said in a note to clients. "IG Wealth is flowing positively again, demonstrating traction with sales to higher net worth households, and mortgage/insurance sales."
"While Mackenzie retail flows remain negative, they are making progress with retail wealth partners, and notably won $4 Billion of institutional mandates that are expected to fund in Q1/25," the analyst said.
"Strategic assets continue to show strong AUMA growth (albeit earnings growth is less compelling)."
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