The Globe and Mail reports in its Tuesday edition that Canaccord analyst Gabriel Dechaine reduced his 2016 earnings per share projections and target prices for the stocks of Canadian lifecos in a research note previewing the fourth quarter 2015 earnings season, which begins Feb. 10. The Globe's David Leeder writes in the Eye On Equities column that Mr. Dechaine says: "The Q4/15 macro environment was generally helpful for the lifecos. ... U.S. long bond yields rose by 16-23 basis points while Canadian yields fell slightly. Equity markets rose in the U.S. (S&P up 6.5 per cent) and in Japan (TOPIX up 10 per cent), while they fell in Canada (S&P/TSX was down 2 per cent)." Mr. Dechaine cut 2016 EPS projections by an average of 2 per cent in reaction to the impact of weaker equity markets and lower long bond yields. Accordingly, he says his price targets fell by 11 per cent on average. He rates Sun Life Financial ($38.20) "buy." He cut Sun's target to $22 from $25. He rates Industrial Alliance Insurance and Financial Services ($39.81) "hold." He trimmed his target on Industrial Alliance to $41 from $46. He rates Great-West Lifeco ($33.42) "hold." Mr. Dechaine cut his target on Great-West to $34 from $37.