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Power Corp of Canada Price Target Raised to $86 at RBC

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Power Corporation of Canada (POW.TO) had its price target raised to C$86 from C$82 at RBC Capital Markets on Thursday

Analyst Bart Dziarski maintained an Outperform rating on shares of the Montreal-based management and holding company with interests primarily in financial services.

"POW shares currently trade at a 19% discount to NAV with an attractive ~3% dividend yield," Dziarski said in a note to clients.

"With $1.7 Billion of cash available (we estimate ~$1 Billion is excess), POW retains optionality to continue its healthy pace of stock buybacks and re-deploy into growth areas of the business like we saw this quarter with the Sagard funding round," the analyst said.

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