11:34:07 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Industrial Alliance Insurance and Financial Services Inc
Symbol IAG
Shares Issued 102,592,942
Close 2016-09-13 C$ 45.98
Market Cap C$ 4,717,223,473
Recent Sedar Documents

Globe says Industrial Alliance cut to "underperform"

2016-09-14 08:29 ET - In the News

The Globe and Mail reports in its Wednesday edition that Credit Suisse analyst Kevin Choquette has lowered his rating on Industrial Alliance Insurance and Financial Services ($45.98) to "underperform" from "neutral" based on valuation. The Globe's David Leeder writes in the Eye On Equities column that Mr. Choquette notes the stock's price-to-book is now trading one standard deviation above the mean versus the lifeco group. Mr. Choquette adds, "It is also trading at a similar expensive relative valuation on a P/E multiple basis." Noting the stock has risen 17 per cent in the last two months with his total expected return declining 8 per cent, he continues to target the shares at $50. Analysts on average target the shares at $47.90. Mr. Choquette says, "Our conviction 'outperform' in the group is [Manulife Financial] based on large discounted valuation and expected continued strong performance in Asia and wealth management." Desjardins Securities analyst Doug Young rated Industrial Alliance "buy" in the Eye column on Jan. 19. The shares could then be had for $39.05. Mr. Choquette hiked Industrial Alliance to "neutral" from "underperform" in the Eye column on March 31. The shares were then worth $39.01.

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