- RBC Capital analyst Geoffrey Kwan lowered the price target for IGM Financial Inc. (TSX:IGM) (OTC: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.
