Fairfax Financial Holdings Ltd T.FFH

Revised Targets

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National Bank Financial’s Jaeme Gloyn raised his Fairfax Financial Holdings Ltd.  target to $1,100 from $1,050, exceeding the $921.38 average, with an “outperform” rating. Other changes include: Scotia Capital’s Phil Hardie to $860 from $845 with a “sector outperform” rating and RBC’s Mark Dwelle to $725 from $750 with an “outperform” rating.

“Although one of the best-performing Financials stocks year-to-date, FFH remains the best value idea in our coverage universe,” Mr. Gloyn said. “Still trading below book value at 0.9 times, the market is pricing FFH at an ROE [return on equity] of 7 per cent. We believe FFH can deliver sustainable long-run ROE of at least 10 per cent through a combination of consistently strong underwriting growth/profits and improving total investment return performance.”