The Globe and Mail reports in its Friday, Feb. 23, edition that Raymond James analyst Stephen Boland commenced coverage of CI Financial with a "market perform" recommendation. The Globe's David Leeder writes in the Eye On Equities that Mr. Boland's $19 share target exceeds the consensus by eight cents. Mr. Boland says in a note: "The crux of our 'market perform' rating, however, rests with the underlying terms and structure of the $1-billion convertible preferred equity investment in the U.S. division, which CI announced in May, 2023. At face value, the preferreds entitle the holders to a 20-per-cent interest in the U.S. division on a converted basis. Importantly, however, the preferreds contain a minimum return requirement, which could lead to the group's effective ownership exceeding 20 per cent if the value of the U.S. division falls below a certain threshold in the event of an IPO or sale. We believe this prohibitive condition embedded in the deal has been a point of concern for investors. ... We believe CI Financial's valuation multiple is likely to remain constrained over the next 12-24 months, until the potential dilutive impact from the investment becomes increasingly clearer."