The Globe and Mail reports in its Thursday, May 18, 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 boosted his share target by a loonie to $57. Analysts on average target the shares at $52
Mr. Hardie says in a note: "We believe the value proposition for owning Guardian shares continues to be strong. Over the last decade, Guardian has delivered outsized compound annual shareholder returns in the mid-teens, yet the stock continues to fly under the radar of most investors despite what we view as a high level of optionality and steeply discounted valuation. Guardian's sizable corporate investment portfolio likely provides a high degree of optionality for value creation that includes levers ranging from M&A strategies to share buybacks which could potentially double the share price over the next few years." The Globe reported on March 28 that Mr. Hardie continued to rank Guardian Capital "sector outperform." In the item he called Guardian "steeply discounted." The shares could then be had for $42.
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