-- National Bank raised its price target on the shares of Great-West Lifeco (GWO.TO) to C$73.00, from C$65.00, and reiterated its sector-perform rating, after it reported an earnings beat.
The company's stronger than expected results unexpectedly came from experience gains in the reinsurance segment, writes analyst Gabriel Dechaine.
"While this line item is inherently volatile, we view the quarter overall as a positive one," he writes.
Highlights included strong earnings growth (and positive net inflows) at both Empower Retirement and Wealth, Dechaine notes, while messaging on share buybacks suggests a similar level of activity this year as last year.
Price: $76.16, Change: $+3.30, Percent Change: +4.53%