TD Securities upgraded IGM Financial to Buy from Hold with a price target of C$48, up from C$44. After incorporating the asset switch involved with the company’s Rockefeller Capital Management acquisition and Investment Planning Counsel divestment, the firm is increasing its price target and contends that the potential return warrants a higher rating. While acknowledging that IGM is paying a premium multiple, the firm says it likes the "strategic direction" of the deal as IGM is gaining exposure to "what appears to be a high-quality, high-growth wealth platform in the large U.S. market."
Published first on TheFly
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