The Globe and Mail reports in its Thursday, Nov. 27, edition that Industrial Alliance Insurance and Financial Services ($47.06) has been upgraded by Credit Suisse analyst Kevin Choquette after underperforming its peers year-to-date. The Globe's Darcy Keith, Jody White and Tim Shufelt write in the Eye On Equities column that Mr. Choquette says, "We are upgrading IAG to neutral from underperform based on significant share price underperformance versus both lifecos and banks, lower relative P/E multiple and positive upside leverage to higher interest rates and our recent trading call on lifecos versus banks." He points out that the company's share price has declined 2 per cent year-to-date versus gains of 11 per cent for Sun Life Financial ($41.92), 6 per cent for Manulife Financial ($22.54) and 1 per cent for Great-West Lifeco ($33.49). In addition to the upgrade, Mr. Choquette raised his target price on Industrial Alliance to $51 from $48. The analyst consensus price target, according to Thomson Reuters, is $49.82. Credit Suisse downgraded Industrial Alliance to "underperform" from "neutral" and hiked its price target to $52 from $49 in The Globe on Aug. 1, 2014. The shares were then going for $49.09.