-- TD Securities downgraded iA Financial Corp. Inc. (IAG.TO) to Hold from Buy on Wednesday.
Analyst Mario Mendonca lowered his price target on shares of the Canadian insurance and wealth management company to $190 from $193 following its Q1 results on Tuesday.
"Core EPS was lower than expected reflecting experience losses and slightly higher share count," Mendonca said in a note to clients.
"WM momentum (earnings/flows & RF deal) remains strong, while US results were softer (experience losses were surprisingly high)," the analyst said. "ROE and capital flexibility remain solid."
"While this was a good quarter (raised div. by 11%), we expected IAG to easily beat estimates after delivering a very weak Q4/25 result," Mendonca said.
"We see better upside in large cap insurers at this time."
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