The Globe and Mail reports in its Friday, Feb. 16, edition that after Manulife Financial's positive quarterly results were released on Wednesday, BMO Capital analyst Tom MacKinnon upgraded the company's rating from "market perform" to "outperform." The Globe's David Leeder writes that Mr. MacKinnon attributed the upgrade to an "improved capital generation outlook." He says that the negative impact from holding alternative long-duration assets is now subsiding. Mr. MacKinnon raised his share target to $35 from $31. Analysts on average target the shares at $31.13. Mr. MacKinnon says in a note: "While a good GARP story, trading at 8.2 times NTM [next 12-month] core EPS, Manulife's cash remittances net of holdco costs at 75 per cent of core EPS represent an even more attractive 10.8 times price-to-capital generation multiple for an even more attractive 9.3-per-cent FCF yield (second highest among the Canadian lifecos). A strong excess capital position, a 16-per-cent-plus core ROE, a 5.2-per-cent dividend yield, and solid buyback support are all positives." The Globe reported on May 13, 2023, and Jan. 26, 2024, that Mr. MacKinnon rated Manulife "market perform." The shares could then be had for $21.86 and $29.39.