The Globe and Mail reports in its Wednesday, July 12, edition that Raymond James analyst Stephen Boland has reiterated his "outperform" recommendation for Intact Financial. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Boland gave his share target a $3 trim to $221. Analysts on average target the shares at $219.60. Mr. Boland trimmed his earnings estimates on Intact Financial after catastrophe losses at the insurer took him off guard. Intact reported its second quarter catastrophe loss was $421-million. Canada accounted for $335-million of that, half of which were attributable to wildfires, especially in Atlantic Canada. Mr. Boland says in a note: "The losses were well above our estimate of $188-million for the quarter. We are surprised by the magnitude of the losses. Preliminary industry estimates were much lower regarding the Atlantic fires. The stock may be weak as the market absorbs this news and the impact to consensus." Mr. Boland now estimates second quarter net operating income per share of $2.17, down from $3.22. He did not adjust estimates for the remaining 2023 quarters. The Globe reported on March 1 that RBC continued to rate Intact "outperform" when it was worth $196.72.