03:41:21 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Industrial Alliance Insurance and Financial Services Inc
Symbol IAG
Shares Issued 106,399,142
Close 2017-05-12 C$ 50.79
Market Cap C$ 5,404,012,422
Recent Sedar Documents

Globe says Industrial Alliance cut to "sector perform"

2017-05-15 07:23 ET - In the News

The Globe and Mail reports in its Saturday, May 13, edition that Scotia Capital analyst Sumit Malhotra says near-term earnings per share catalysts for Industrial Alliance Insurance and Financial Services ($50.79) have been exhausted. The Globe's David Leeder writes that Mr. Malhotra says he is "moving to the sidelines" on the stock following a "strong run." He cut his rating to "sector perform" from "sector outperform." Mr. Malhotra says in a note: "We had expressed some caution on IAG shares in our pre-quarter report, and we are making it official by lowering our rating on the stock to a 'sector perform,' The strong share price performance of IAG over the past year has been underpinned by the company consistently delivering on a number of key fundamental objectives, and our move to SP speaks to our view that both additional EPS catalysts and further improvement in relative valuation will be tougher to come by in the interim." On Thursday, IAG reported first quarter EPS of 96 cents, well below the projections of both Mr. Malhotra ($1.15) and the Street ($1.09). It was a drop of 10 per cent year over year. His target price for the stock dropped to $60 from $64. Analysts on average target the shares at $59.88.

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