Top 5 Canadian Analyst Updates
Definity Financial Corp. (DFY:CA)
Barclays Capital raised its target price to $80.00 from $78.00, reflecting confidence in Definity’s consistent underwriting performance, improving premium growth, and disciplined pricing strategy. The target increase suggests expectations for continued margin stability in a competitive property and casualty insurance market, supported by prudent risk management and a solid capital position.
First Quantum Minerals Ltd. (FM:CA)
Barclays Capital significantly increased its price target to $44.30 from $38.00, signaling a more positive view on the company’s copper exposure and improving medium-term cash flow outlook. The revision reflects stronger long-term copper fundamentals tied to electrification and energy transition demand, as well as expectations for operational normalization and balance sheet improvement following recent challenges.
Imperial Oil Ltd. (IMO:CA)
National Bank Financial lifted its target price to $127.00 from $125.00, while maintaining a Sector Perform rating. The increase reflects Imperial’s strong integrated business model, operational reliability, and robust cash generation, balanced against valuation considerations that limit expectations for near-term outperformance relative to peers.
Manulife Financial Corp. (MFC:CA)
Barclays Capital raised its target to $52.00 from $49.00, highlighting confidence in Manulife’s earnings momentum, capital flexibility, and exposure to higher-growth Asian markets. The highervaluation also reflects improving sentiment around wealth and asset management inflows, as well as disciplined capital returns through dividends and buybacks.
National Bank of Canada (NA:CA)
Scotiabank increased its target price to $188.00 from $184.00, reflecting the bank’s strong domestic franchise, resilient net interest margins, and effective cost management. The revision suggests continued confidence in National Bank’s ability to navigate a moderating economic environment while maintaining superior profitability metrics relative to Canadian peers.
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