10:46:56 EDT Fri 02 Jun 2023
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or Name

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Guardian Capital Group Ltd
Symbol GCG
Shares Issued 2,749,379
Close 2023-02-23 C$ 38.60
Recent Sedar Documents

Globe says Hardie keeps Guardian at "sector outperform"

2023-02-24 07:31 ET - In the News

The Globe and Mail reports in its Friday, Feb. 24, edition that in a research report released Thursday titled Value Hidden in Plain Sight, Scotia Capital analyst Phil Hardie emphasized Canadian-listed asset managers and wealth managers should be enticing options for investors. The Globe's David Leeder writes in the Eye On Equities column that Mr. Hardie says in a note: "The year-to-date stock performance of a number of the Canadian-listed asset and wealth managers likely demonstrates our thesis that they remain the 'Classic Beta Trade.' Discounted valuations combined with rising AUM and more buoyant market sentiment likely helped drive significant outperformance [at Guardian Capital Group]. On the surface, the valuations of Canadian asset and wealth managers likely look discounted, but we believe an even more compelling value proposition reveals itself after making a few simple adjustments." Mr. Hardie has reaffirmed his "sector outperform" recommendation for Guardian Capital Group and $55 share target. Analysts on average target the shares at $52. 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.

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