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Secure Waste Infrastructure Maintained at Hold at Stifel Canada After Q1 Results; Price Target Raised to C$23.25

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Stifel Canada on Friday maintained its hold rating on the shares of Secure Waste Infrastructure (SES.TO) while raising its price target to C$23.25 from C$23.00 after the company reported first-quarter results ahead of its sale to GFL Environmental (GFL.TO).

"SECURE delivered a 3.7% consensus EBITDA beat in 1Q26 and guided full-year 2026 EBITDA to the high end of the previous guided range of $520 mm-$550 mm. This implies a 2.2% increase to Stifel's and consensus $538 mm EBITDA estimates prior to this update to $550 mm. We view this a solid data point that once again proves the stability and resiliency of SES's earnings profile, which bodes well for the GFL's pending acquisition of SES. We are changing our target price to $23.25 from $23.00 based on the latest closing price of GFL, while our Hold rating is unchanged," analyst Ian Gillies wrote.

(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://www..com/contact-us)

Price: $22.72, Change: $-0.43, Percent Change: -1.86%

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Sun Life Financial Reaches Settlement in Principle to Resolve MetLife Class Action; AM Best Affirms Credit Ratings

Sun Life Financial (SLF.TO) Thursday after trade said it has reached a settlement in principle to resolve a class action relating to individual life insurance policies sold and issued by MetLife in the 1980s and 1990s, which Sun Life inherited through acquisitions.This matter does not involve any policies or products sold by Sun Life, the company said.If approved, Sun Life would provide up to $213.5 million settlement value to eligible policyholders, which is expected to result in a charge to first quarter 2026 reported net income of approximately $145 million.The proceedings relate to the interpretation of policy language in the policies, which are subject to an indemnity from MetLife. Sun Life will seek full recourse from MetLife pursuant to the indemnity, if the settlement is approved, it confirmed.Separately, AM Best affirmed the financial strength rating (FSR) of A+ (Superior) and the long-term issuer credit ratings (Long-Term ICR) of "aa" (Superior) of Sun Life Assurance Company of Canada and Sun Life and Health Insurance Company (U.S.), core insurance subsidiaries of Sun Life Financial. AM Best also affirmed the Long-Term ICR of "a" (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IRs) of SLF. The outlook of these ratings is stable.The ratings reflect Sun Life Group's balance sheet strength, which AM Best assesses as strongest, strong operating performance, favorable business profile and very strong enterprise risk management.Sun Life Financial shares are unchanged at US$72.08 in U.S. after-hours trade. It closed up $1.30, to $97.87 on the Toronto Stock Exchange.

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