The Globe and Mail reports in its Thursday, July 18, edition that in a quarterly results preview for Canadian asset managers, TD Cowen's Graham Ryding raised his share targets for Fiera Capital, which he rates "hold," to $8 from $7.50 and Sprott, (which he rates "buy") to $68 from $66, while he lowered his CI Financial (which he rates "buy") share target to $20 from $21. The averages are $7.64, $59.67 and $19.25. Mr. Ryding says in a note: "Our estimates for most names have changed modestly as AUM [assets under management] levels were largely in-line with our previous outlook. Our estimates for CI have come down slightly as we factor in the recent debt transactions. Given trends in industry fund flows (May, 2024), and company commentary and updates, we have reduced our asset manager flows outlook slightly for some names. We are generally forecasting flows to remain negative in 2024 and move positive in 2025 (Sprott being the exception). We acknowledge Sprott Inc.'s target return does not align with our rating and will look to update our estimates, target and rating following quarterly earnings around mid-August."