REFILE-Canada's Canaccord Genuity Q3 adjusted revenue rises 36.5% yr/yr

Overview

• Canada financial services firm's fiscal Q3 revenue rose 36.5% yr/yr

• Co reports adjusted EPS of C$0.36 in Q3

• During the quarter, company completed acquisition of Wilsons Advisory

Result Drivers

• INVESTMENT BANKING - Strong growth in investment banking, especially in Australia, drove revenue increase, with metals and mining sector contributing significantly

• WEALTH MANAGEMENT EXPANSION - Acquisition of Wilsons Advisory boosted Australian wealth management revenue and client assets

• CLIENT ASSETS GROWTH - Total client assets in global wealth management division rose 25.9% year-over-year, driven by market growth and acquisitions

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the investment banking & brokerage services peer group is "buy"

• Wall Street's median 12-month price target for Canaccord Genuity Group Inc is C$14.00, about 16% above its February 12 closing price of C$12.07

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release: ID:nCNW4MYpna

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