The Globe and Mail reports in its Friday, Jan. 5, edition that RBC Dominion Securities analyst Robert Kwan has lowered his recommendation for Intact Financial to "sector perform" from "outperform." The Globe's David Leeder writes that Mr. Kwan continues to target the shares at $228. Analysts on average target the shares at $224.61. Mr. Kwan continues to see Intact Financial as "a core holding given its strong long-term track record of growth and profitability with the company and industry having positive fundamentals." He touts the presence of potential catalysts and "strong defensive attributes." Mr. Kwan says in a note: "Our prior upgrade reflected Intact's shares trading at a very attractive valuation (two times P/BV) coupled with our view that was Intact continuing to deliver strong financial results and that the industry backdrop was also favorable. With Intact's shares trading at 2.5 times P/BV [price to book value] and our more constructive view on our coverage universe in 2024, with us favoring stocks with a bit more offensive tilt, we see Intact's shares as fairly valued." On the industry, Mr. Kwan says he "tilting a bit more offensive" in 2024, but he cautions that he is still "valuing defence."