The Globe and Mail reports in its Wednesday, Jan. 24, edition that National Bank analyst Gabriel Dechaine is turning "more cautious" on Canadian life insurance companies heading into 2024. The Globe's David Leeder writes that Mr. Dechaine says in a note: "The lifecos have been strong performers over the past two years, relative to the market and to the Big-Six. We believe that performance will be more subdued in the coming year, reflecting: 1) valuation multiples that are above their historical average and that reflect a wider than normal premium to the Big-Six banks on a P/B basis; 2) Street expectations that are nearing double-digit growth; and 3) a historical track record of margin compression during periods of central bank loosening." Mr. Dechaine has reaffirmed his "sector perform" recommendation for Manulife Financial, while raising his share target by a loonie to $29. Analysts on average target the shares at $30.33. The Globe reported on Feb. 17, 2023, that Mr. Dechaine had reaffirmed his "sector perform" recommendation for Manulife when it could be had for $27.12. The Globe reported on Nov. 10, 2023, that TD analyst Mario Mendonca had an "action list buy" call for Manulife when it was worth $25.79.