Post by
retiredcf on Nov 05, 2021 11:18am
CIBC Upgrade
November 4, 2021 Earnings Update
SUN LIFE FINANCIAL INC.
New ROE Target Highlights Upside Potential
Our Conclusion
We are increasing our 2023E underlying EPS (+2%) and our price target (from $74 to $81) in response to the new ROE target of 16% plus. Our revised target multiple is 11x P/E versus 10x previously. We maintain our Outperformer rating based on our EPS growth outlook over the next two years, the expectation for ROE expansion and potential for multiple expansion.