21:32:55 EDT Fri 09 Jun 2023
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Guardian Capital Group Ltd
Symbol GCG
Shares Issued 2,749,379
Close 2022-12-02 C$ 37.12
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Globe says Guardian Capital kept at "sector outperform"

2022-12-02 07:35 ET - In the News

The Globe and Mail reports in its Friday, Dec. 2, edition that Scotia Capital analyst Phil Hardie has reaffirmed his "sector outperform" recommendation for Guardian Capital Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Hardie gave his share target a hefty boost to $55 from $42. Analysts on average target the shares at $49. Mr. Hardie made his share price change in response to Guardian Capital's $750-million sale of its insurance and wealth management operations to Desjardins Group. Mr. Hardie says in a note, "The deal unlocks significant value given that Guardian Capital Class A shares traded at just under $29 prior to the announcement and yet the company has a corporate investment portfolio we estimate at $25 per share with a profitable institutional asset manager conservatively valued at $6.25 per share." Mr. Hardie calls the transaction "transformative." The Globe reported on Nov. 1 and Nov. 16 that Mr. Hardie rated Guardian Capital "sector outperform." It was then worth $26.75 and $28. In the second item Mr. Hardie called Guardian Capital a "top small-cap value pick."

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