RE:More ReactionsTwo more. GLTA
Barclays’ John Aiken to $235 from $210 with an “overweight” rating.
“While Intact posted earnings that were a rare miss against consensus expectations, it did manage to maintain a solid combined ratio in a very challenging environment, highlighting its diversification and the progress of its profitability actions,” he said.
* BMO’s Tom MacKinnon to $220 from $230 with an “outperform” rating.
“While an in line quarter may not fare as well as IFC’s 1H/2022 track record of impressive beats, it does underscore the resilience of IFC’s business in the face of elevated weather/CAT losses/inflation. No change to 2023 operating EPS estimate as weaker UK&I top-line (FX related) offset by updated FX for U.S. business and better investment income. Target declines to $220 from $230 reflecting lower BV (AOCI-related), multiple unchanged at 2.6 times Q4/23 BVPS (reflecting 15.6-per-cent 2023E operating ROE). As hard markets continue, IFC remains both a defensive and offensive story,” he said.