The Globe and Mail reports in its Friday, Feb. 16, edition that Desjardins Securities analyst Doug Young has upgraded Manulife Financial from "hold" to "buy." The Globe's David Leeder writes that Mr. Young attributes his upgrade to the momentum in Asia, excess capital and buybacks, improved sentiment and the potential for more legacy reinsurance transactions similar to what transpired last December, although the timing on these transactions is difficult to determine. Mr. Young's share target soared $7 to $36. Analysts on average target the shares at $32.67. In a note, Mr. Young points to several "positives" stemming from the release: "(1) Each division beat our core earnings estimate. (2) The LICAT ratio of 137 per cent was at the higher end of our estimate range. (3) Asia core earnings increased 14 per cent year-over-year, with strong results in Hong Kong. (4) GWAM core earnings and core EBITDA margin improved vs last year, although the division recorded net outflows of $1.3-billion. (5) Canada core earnings benefited from group long-term disability claims gains; however, this was offset by negative individual insurance mortality experience. (6) U.S. long-term care insurance experience was a net positive."