The Globe and Mail reports in its Tuesday edition that RBC's Darko Mihelic has cut Sun Life Financial to "sector perform" from "outperform," with an unchanged share target of $84. The Globe's David Leeder writes that analysts on average target the shares at $92.51. Mr. Mihelic believes valuation upside could be difficult to attain for Sun Life until its U.S. results improve. He says in a note: "Sun Life's underlying EPS was higher than our estimate and consensus, but the U.S. segment had higher than expected experience losses related to dental and stop-loss. We do not expect material unfavourable stop-loss experience to persist into 2026, but we expect the dental business to remain challenged throughout our forecast period; we lower our U.S. estimates." Last week, Sun posted underlying earnings per share for its third fiscal quarter of $1.86, exceeding both Mr. Mihelic's $1.82 estimate and the consensus on the Street of $1.83. All of the company's operating segments topped forecasts except its U.S. business, which was "impacted by unfavourable experience mostly in stop-loss and dental" with underlying earnings of $147-million falling 25 per cent from the second quarter and below the analyst's $200-million estimate.