TSX:TSU - Post Discussion
Post by
retiredcf on Jul 23, 2024 8:00am
Desjardins
Previewing earnings season for Canadian property and casualty insurance providers, Desjardins Securities’ Doug Young raised his targets for Intact Financial Corp. ( “buy”) to $255 from $250 and Definity Financial Corp. ( “hold”) to $47 from $45. The averages are $252.75 and $49.41, respectively.
“We expect benign weather in Canada to benefit 2Q24 results for both IFC and DFY by way of lower CAT and non-CAT weather losses (vs a typical 2Q),” he said. “We have updated our 2Q24 and 2024 estimates to reflect these expectations. Also, a depreciating Canadian dollar will likely be a tailwind for both IFC and TSU for the rest of 2024 and in 2025. We increased our target prices for IFC and DFY slightly but maintained our ratings and pecking order [IFC, TSU, DFY].”
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