The Globe and Mail reports in its Friday, Oct. 25, edition that National Bank Financial analyst Gabriel Dechaine is downgrading the Canadian life insurance industry, "opting for a 'tactical' downgrade" position ahead of third quarter earnings season, even though he sees potential for further short-term gains. The Globe's David Leeder writes in the Eye On Equities column that accordingly, Mr. Dechaine cut iA Financial to "sector perform" from "outperform." Mr. Dechaine, however, boosted his share target by $16 to $118. Analysts on average target the shares at $113.63. Mr. Dechaine says in a note: "Our positive long-term view on iA Financial is dictated by the company's track record of steady BVPS [book value per share] growth, a conservative management team, multiple avenues of organic growth potential and strong excess capital position/low balance sheet leverage. Moreover, the company's business mix is supportive of mid-to-high teen ROEs [return on equity] and mid-to-high single-digit EPS growth. On that note, we highlight the company's achievement of its 15-per-cent ROE target this year raises the likelihood of management hiking its ROE target at its next Investor Day, which takes place on February 24, 2025."