-- CIBC Capital Markets maintained its neutral rating and price target of $288 on the shares of Intact Financial (IFC.TO) ahead of the insurer's first-quarter financial results.
The bank expects strong margins, but some pressure on revenue growth in Q1, "similar to last quarter." CIBC reduced its Q1 earnings per share estimate to $4.21 from $4.54 on winter weather, but left its full-year 2026 EPS estimate unchanged.
"In our opinion, a better industry outlook or an acquisition is needed to get the share price moving," said analyst Paul Holden. "We are forecasting still-strong premium growth of 9% for Q1 and a weather-impacted combined ratio (CR) of 98.5%."
The bank also believes prior-year developments could continue to be a source of upside, but thinks the magnitude of potential upside is lower to start 2026 compared with 2025.
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