BofA update shows where active managers are putting money
Investing.com - Jefferies downgraded Equitable Group (TSX:EQB) (OTC:EQGPF) from Buy to Hold and lowered its price target to C$107.00 from C$119.00 on Thursday.
The downgrade comes as the Canadian financial services company undergoes significant changes in its executive leadership while facing operational challenges.
Jefferies noted that while Equitable Group’s business model remains intact, the firm does not anticipate immediate solutions to the company’s current pressures.
The research firm expects Equitable Group’s valuation to remain compressed until its operational difficulties ease, leading to the recommendation that investors remain on the sidelines.
Equitable Group operates primarily in Canada’s alternative mortgage lending sector and has expanded its banking services in recent years through its digital banking arm, EQ Bank.
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