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CIBC Initiates Coverage on Onex With Neutral Rating and Target of $135

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-- CIBC Capital Markets started coverage with neutral rating on the shares of Onex (ONEX.TO) and a price target of C$135 over the weekend.

ONEX is undertaking a "meaningful strategic pivot," reallocating proprietary capital out of its funds and into majority-owned operating investments following the February 2026 acquisition of specialty P&C insurer Convex, the bank noted.

"While we like the new approach, and believe that consolidating the NAV into 2-3 operating businesses can help narrow the NAV discount and accelerate NAV/share growth, adding an insurance platform in the beginning stages of a softening market introduces near-term uncertainty," said analyst Scott Fletcher. "We prefer to remain on the sidelines in the early stages of the pivot as Convex establishes its through-the-cycle earnings profile."

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Price: $115.87, Change: $-0.84, Percent Change: -0.72%

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