Good Looking Target National Bank’s Jaeme Gloyn raised his Street-high target for Fairfax Financial Holdings Ltd. to $1,700 from $1,600 with an “outperform” rating. The average is $1,451.76.
“We believe the combination of 1) 4-per-cent quarter-over-quarter increase in BVPS [book value per share]; 2) strong combined ratio of 94 per cent; 3) huge operating income beat; and 4) run-rate interest and dividend income that we estimate now approaches $1.9 billion will continue to drive the shares materially higher in the coming months,” said Mr. Gloyn.
“Although one of the best performing Financials stocks so far in 2023, we believe FFH remains the best value idea in our coverage universe.”