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Intact Financial Price Target Raised to C$314 at CIBC

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CIBC Capital Markets raised its price target on Intact Financial (IFC.TO) to C$314 from C$288.

Analyst Paul Holden maintained a Neutral rating on shares of the Canadian insurance company ahead of its Q2 results on July 28.

"IFC pre-released expected claims from catastrophe events and other large losses," Holden said in a note to clients. "The expected impact on Q2E EPS is significant, as we have reduced our EPS estimate by 22%."

"Intact had been posting strong margins and ROE prior to this quarter and we do not think elevated losses in Q2 should materially change the outlook," Holden said. "We remain more focused on pricing trends and acquisition potential."

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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