BMO Capital analyst Etienne Ricard maintained a Hold rating on Fiera Capital A yesterday and set a price target of C$7.50.
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Etienne Ricard has given his Hold rating due to a combination of factors, balancing Fiera Capital’s operational progress against lingering business risks. The firm has continued to exercise tight cost control and improved capital allocation by redirecting cash toward debt reduction and share repurchases, yet recent quarterly results fell short of earnings expectations, mainly because of softer and volatile performance fees.
At the same time, the shares appear inexpensive on a free cash flow basis and offer material upside if valued in line with peers, but Ricard views a durable turnaround in net client flows as a necessary catalyst before a more constructive stance is warranted. His unchanged target price reflects a diversified value mix across public and private market management fees and the PineStone partnership, leading him to conclude that the current risk‑reward profile is balanced rather than compelling.
FSZ’s price has also changed moderately for the past six months – from C$6.630 to C$5.750, which is a -13.27% drop .