CI Financial downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette downgraded CI Financial (CIXXF) to Market Perform from Outperform with a price target of C$31.50, up from C$28, citing the Mubadala take-private offer announcement. The firm’s new price target assumes a high probability that the proposed deal is approved by shareholders. While there is always the possibility of another bid developing, Keefe assigns a low probability to that scenario, the analyst tells investors in a research note.