Canaccord Capital on the Road to Profitability
April 2nd, 2009
FP Trading Desk submits:
Canaccord Capital Inc. (CCDPF.PK) is on the path to profitability in the next quarter, thanks to C$35-million in cost cuts to deal with the economic slowdown and difficult capital markets, according to John Aiken, a senior financial services analyst at Dundee Capital Markets.
“Our thesis remains that capital markets will begin to recover in the latter part of 2009,” said the analyst. However, given the run-up in share prices of investment dealers so far this year, he is maintaining a sell rating on the stock despite raising the target price to C$4.75.
