The Globe and Mail reports in its Tuesday edition that CIBC analyst Nik Priebe has lowered his recommendation for CI Financial to "neutral," while slashing his share target by $5.50 to $19. The Globe's David Milstead and Clare O'Hara write that Mr. Priebe issued his downgrade after concluding that CI's seemingly triumphant financing deal will be far more costly than initially believed. Mr. Priebe says, "After reflecting on events of the past week, we have arrived at the same conclusion the market has: Our initial interpretation of the investment in the U.S. wealth platform was flat-out wrong, and the investment actually reflected a higher cost to CI shareholders than it first appeared." BMO Nesbitt Burns analyst Tom MacKinnon cut his rating for CI to "market perform" with a price target of $17, down from $19. Barclays Capital's John Aiken cut CI to "equal-weight" and reduced his share target from $21 to $19. The Globe says all three analysts' moves were the equivalent of cutting from a "buy" to a "hold." The Globe says CI shares are now shockingly cheap: According to S&P Global Market Intelligence, the stock trades at less than four times the estimate of the company's next 12 months' earnings per share.