The Globe and Mail reports in its Wednesday, Jan. 24, edition that National Bank Financial analyst Gabriel Dechaine is turning "more cautious" on Canadian life insurance companies heading into 2024. The Globe's David Leeder writes in the Eye On Equities column that Mr. Dechaine says in a note: "The lifecos have been strong performers over the past two years, relative to the market and to the Big-Six. We believe that performance will be more subdued in the coming year, reflecting: 1) valuation multiples that are above their historical average and that reflect a wider than normal premium to the Big-Six banks on a P/B basis; 2) Street expectations that are nearing double-digit growth; and 3) a historical track record of margin compression during periods of central bank loosening." Mr. Dechaine has reaffirmed his "sector perform" recommendation for Great-West Lifeco, while raising his share target by $2 to $42. Analysts on average target the shares at $42.75. The Globe reported on June 1, 2023, that Mr. Dechaine rated Great-West "sector perform." It was then worth $38.51. The Globe reported on July 23, 2023, that CIBC's Paul Holden had cut Great-West to "neutral" from "outperformer." It was then worth $39.95.