Upgrade RBC’s Geoffrey Kwan increased his Intact Financial Corp. target to $200 from $195 with an “outperform” rating, while National Bank Financial’s Jaeme Gloyn raised his target to $215 from $209 with an “outperform” rating. The average is $196.69.
“IFC reported another excellent quarter driven by better-than-forecast underwriting income (primarily from the U.K./International and U.S. Commercial segments) and to a lesser extent, distribution income. IFC increased the dividend by 10 per cent and we think could announce another dividend increase when it reports Q4/21 results (we forecast an additional 10-per-cent dividend increase),” said Mr. Kwan. “Our Outperform rating reflects our view that the shares offer attractive valuation upside driven by continued positive fundamentals; a favorable industry backdrop; strong defensive attributes; and potential catalysts (e.g., de-risking of the RSA acquisition).”