Analyst Etienne Ricard from BMO Capital maintained a Buy rating on TMX Group (TMXXF – Research Report) and keeping the price target at C$55.00.
Etienne Ricard’s rating is based on the promising growth prospects of TMX Group, particularly driven by its subsidiary, VettaFi. VettaFi’s competitive edge lies in its digital distribution, rapid index creation, and customization capabilities, which are significant advantages in the financial services industry. The company’s ability to quickly develop indices and its strong digital presence through platforms like ETF Trends and ETF Database enhance its appeal to asset managers and financial advisors.
Additionally, TMX Group’s strategic focus on expanding VettaFi’s indexing capabilities across various asset classes and geographies contributes to its revenue growth. The consistent execution of self-help initiatives and progress in achieving transformational objectives further bolster TMX’s growth outlook. These factors collectively support Etienne Ricard’s Buy rating for TMX Group’s stock.
Ricard covers the Financial sector, focusing on stocks such as goeasy, Franklin Resources, and Invesco. According to TipRanks, Ricard has an average return of 22.4% and a 65.66% success rate on recommended stocks.