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Investing.com - TD Cowen upgraded Canaccord Genuity Group (TSX:CF) (OTC:CCORF) from Hold to Buy and raised its price target to C$12.00 from C$10.00.
The upgrade comes despite what the firm described as "soft quarterly results" from the financial services company, which operates wealth management and capital markets businesses across multiple countries.
TD Cowen cited "a more constructive view" of Canaccord’s wealth management business as the primary reason for the more positive outlook on the company’s shares.
The higher price target reflects an increased multiple applied to Canaccord’s wealth management earnings, specifically highlighting the value the firm sees in the company’s Canadian and U.K. wealth platforms.
TD Cowen also noted it sees "potential for capital markets activity to pick up in the near term," suggesting possible improvement in Canaccord’s investment banking and advisory services segment.
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