The Globe and Mail reports in its Tuesday, Jan. 17, edition that BMO analyst Tom MacKinnon rates Industrial Alliance Insurance and Financial Services ($55.03) "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. MacKinnon hiked his target to $64 from $56. Analysts on average target the shares at $56.60. Mr. MacKinnon says in a note: "With IAG currently trading at 11.7 times next 12 month price to earnings and 6-per-cent premium to the price to book value versus forward ROE regression, we believe there continues to be significant share price upside based on valuation multiples and potential for excess capital generation. With the greatest EPS and MCCSR sensitivity to rising rates (Canada and Quebec 30year bond yields) and equity markets (S&P/TSX), IAG is well positioned to benefit from a rising rate environment." Mr. MacKinnon maintained his "outperform" on Industrial Alliance in the Eye column on Nov. 4, 2016, when it could be had for $50.50. Canaccord Genuity analyst Gabriel Dechaine reiterated his "hold" call on Industrial Alliance in the Eye column on Nov. 18, 2016. The shares could then be had for $55.63.