Multiple Upgrades BMO’s Tom MacKinnon raised his Intact Financial Corp. target to $205 from $200 with an “outperform” rating. Other changes include: CIBC’s Paul Holden to $200 from $197 with an “outperformer” rating and Desjardins’ Doug Young to $195 from $190 with a “buy” rating The average is $198.77.
“Another quarter of strong underwriting performance which underpinned the operating EPS beat, also helped by better distribution EBITA and better investment income. Topline was modestly better as well. Earnings accretion from RSA ahead of schedule and management remains confident in achieving high-single digit accretion in first 12 months and upper teens within 36 months of closing,” said Mr. MacKinnon.