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.