The Globe and Mail reports in its Thursday, Oct. 23, edition that Scotia Capital analyst Phil Hardie is keeping his "sector outperform" call on Fairfax Financial Holdings intact. The Globe's David Leeder writes that Mr. Hardie hiked his share target to $3,050 from $2,900. Analysts on average target the shares at $2,921.82. Mr. Hardie sees investors in the property and casualty insurance industry "grappling with a complex landscape, with strong industry profitability contrasting with emerging concerns related to pricing sustainability and market cycle transitions." Mr. Hardie says in a note: "Fairfax's shares have outperformed, and while we view the stock as less defensive than Intact and Definity given the size of its investment book and equity exposures, we think it offers an attractive combination of value and low-risk growth. Assuming we get some degree of improvement in risk appetite, we think Trisura offers the biggest upside opportunity of the group. The P&C insurance stocks have relatively low sensitivity to macro factors and can generate solid investor returns in an environment where broad market multiple expansion is limited. ... We believe these stocks could deliver returns in the mid-to-upper teens."