Canaccord Genuity downgraded to Hold at TD Securities on elevated expenses

As previously reported, TD Securities downgraded Canaccord Genuity (CCORF) to Hold from Buy with a price target of C$10, down from C$12, after quarterly results were below the firm’s forecast despite in-line revenue. Non-compensation expense was elevated and with the higher expense run-rate, the firm has reduced its estimates, adding that it sees potential for capital markets activity to remain muted over the near term given market volatility.