The Globe and Mail reports in its Friday, Aug. 1, edition that Credit Suisse downgraded Industrial Alliance Insurance and Financial Services ($47.81) to "underperform" from "neutral" and hiked its price target to $52 from $49. The Globe's Darcy Keith, Tim Shufelt and Jody White write in the Eye On Equities column that Credit Suisse cites an increase of 17 per cent in Industrial Alliance Insurance's share price in the past six weeks and a high relative price-to-earnings multiple against the lifeco group versus its historical mean. Credit Suisse says, "We believe the market has already fully factored in the positive news from the most recent investor day." Desjardins Securities analyst Michael Goldberg maintained a "buy" rating on Industrial Alliance in the Eye column on Nov. 8, 2013. Mr. Goldberg raised his target to $52 from $44.50. The shares were then going for $48.25. RBC Dominion Securities rated Industrial Alliance "sector perform," with a $48 price target in the Eye column on Jan. 6, 2014. The shares could then be had for $46.04. The Globe's Craig McGee said Industrial Alliance was poised for growth in the Number Cruncher column on March 20, 2014, when the shares were worth $43.41.