The Globe and Mail reports in its Thursday, Nov. 20, edition that RBC Dominion Securities analyst Bart Dziarski is keeping his "sector perform" call for Power Corp. of Canada intact The Globe's David Leeder writes that Mr. Dziarski hiked his share target by $8 to $68. Analysts on average target the shares at $71.88. Mr. Dziarski says in a note: "Power Corp. of Canada shares have meaningfully rerated this year, up 52 per cent primarily driven by I) a narrowing discount to NAV ii) Great-West Lifeco shares rerating (up 32 per cent year-to-date) and iii) IGM shares announcing value-enhancing write-ups in Rockefeller and Wealthsimple. ... Power's current 13-per-cent discount to NAV is below our justified discount given I) simplified organizational structure over the last five years, ii) Great-West, IGM Financial and GBL repositioning their businesses and sporting respectable growth outlooks, and iii) growing alternatives platform providing upside optionality. Since 2019, Power has been actively surfacing value with $3.6-billion of asset monetizations to simplify its equity story, redeploying capital into seed investments within alternatives, and returning capital to shareholders via NCIB and growing dividends."
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