Two UpradesNational Bank Financial’s Jaeme Gloyn raised his Fairfax Financial Holdings Ltd. target to $1,050 from $1,000 with an “outperform” rating, saying its first-quarter earnings beat on a “strong” underwriting performance “strengthens” his investing thesis. Elsewhere, BMO’s Tom MacKinnon raised his target to $780 from $760 with an “outperform” rating. The average on the Street is $876.42. “Every business unit generated underwriting profit, and every business unit except Zenith and ‘Other’ outperformed our forecasts,” said Mr. Gloyn. “Results included approximately 3 percentage points of catastrophe losses (roughly normal for a Q1) primarily due to Australian floods while COVID-19 losses were nil for the first time since the pandemic started. Notably, management did NOT highlight underwriting or claims expense inflationary pressures in any of its business lines except for Northbridge (which still posted an 87-per-cent combined ratio). We view this favourably as more of the rate increases across most lines of business will drop to the bottom line. FFH also reported minimal losses on claims with potential exposure to the conflict in Ukraine.”