The Globe and Mail reports in its Friday, Nov. 3, edition that Scotia Capital analyst Meny Grauman has reaffirmed his "sector outperform" call for Manulife Financial. The Globe's David Leeder writes in the Eye On Equities column that Mr. Grauman gave his share target a $2 trim to $30. Analysts on average target the shares at $28.58. Mr. Grauman says in a note: "As we head into another lifeco earnings season, we reiterate our preference for lifecos over banks. The TSX Life and Health Index has already outperformed the Bank Index by about 1,600 basis points year-to-date, but we expect that gap to continue to widen over the coming months. ... On the macro side, the 'higher for longer' rate environment is increasing the downside risk for Canadian banks. ... Conversely, we know that lifecos are one of the few sectors that benefit from higher rates. [Meanwhile,] Canadian banks continue to deal with higher minimum capital ratios. ... The capital picture for lifecos is a lot more stable and hence we continue to see strong growth in excess capital levels, which is driving buybacks and providing plenty of opportunity for M&A, especially at IAG where we see inorganic capital deployment as a key catalyst for the shares."