Desjardins Upgrade Desjardins Securities analyst Doug Young increased his Intact Financial Corp. target to $185 from $180 with a “buy” rating.
“The outperformance was mainly driven by higher favourable prior-year reserve developments (PYRD). From a divisional perspective, the Canadian businesses outperformed our expectations, offset by a miss in the U.S.. The RSA acquisition is on track,” he said.
“We like IFC’s high-quality management team, the RSA acquisition and the outlook for the P&C insurance sector over the next year.”