In a report released today, Graham Ryding from TD Cowen reiterated a Buy rating on AGF Management B NV, with a price target of C$20.00.
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Graham Ryding has given his Buy rating due to a combination of factors that point to a favourable risk‑reward profile for AGF Management B NV. He expects the company’s share price to recover over the coming quarters as operating trends improve, supported by positive momentum in retail flows and a constructive outlook for same‑store sales–like performance in its core businesses. In his view, the firm’s return on equity is positioned to move closer to that of its peer group, which should help close the valuation gap if execution stays on track and market conditions remain supportive.
Ryding also highlights the strength of AGF’s balance sheet as an important underpinning for the Buy recommendation, noting that it provides both downside protection and capacity to pursue strategic initiatives. The company’s 2026 brand strategy and guidance, along with its pipeline and appetite for M&A, are seen as additional levers for earnings growth and multiple expansion. Taken together, these operational, financial, and strategic elements support his view that the current valuation does not fully reflect AGF’s medium‑term earnings potential and capital deployment options, justifying a positive stance on the shares.
Ryding covers the Financial sector, focusing on stocks such as AGF Management B NV, Sprott, and goeasy. According to TipRanks, Ryding has an average return of 18.9% and a 72.43% success rate on recommended stocks.
In another report released on January 26, RBC Capital also maintained a Buy rating on the stock with a C$18.00 price target.