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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Read More on CIXXF:
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
