The Globe and Mail reports in its Friday, Feb. 23, edition that Desjardins Securities analyst Doug Young is taking a cautious stance on iA Financial. The Globe's David Leeder writes that accordingly, Mr. Young lowered his share target to $89 from $94. Analysts on average target the shares at $99.50. Mr. Young continues to rate iA Financial "hold." Mr. Young says in a note: "Core earnings at its Canadian insurance division were below our estimate due to new business strain at its group employee benefits business. This related to investments to retain several large clients (and add new ones), which according to management will result in future profit (expects a breakeven period of 3–4 years). The U.S. dealer services division had a tough quarter. While it is taking actions to improve this business, interest rates likely need to fall in order for this division to perform better. It is also seeing claims ratios trending up (not a good sign) due to higher parts and labour costs and older cars on the road, and as a result is pushing through price increases." The Globe reported on May 12 that Mr. Young continued to rate iA Financial "buy." The shares could then be had for $85.16.