The Globe and Mail reports in its Friday, Nov. 8, edition that RBC Dominion Securities analyst Darko Mihelic has downgraded iA Financial to "sector perform" from "outperform." The Globe's David Leeder writes that Mr. Mihelic's share target soared $32 to $137. Analysts on average target the shares at $132.13. Mr. Mihelic says in a note: "We believe iA Financial will drift higher into a better valuation multiple as it improves upon its ROE [return on equity] over time and EPS growth remains solid. Furthermore, lifecos have enjoyed an impressive opportunity to 'reset' after IFRS 17 and capital advantages/optimization have been solid so far, but probably nearing an end. We believe that there are, however, many reasons to approach the stock with a little more caution now that it has rallied as much as it has this past year (up 48 per cent year-to-date): (1) It's still a lifeco where earnings power can sometimes be opaque, so conservative EPS estimates should endure; (2) Capital deployment (and timing of deployment) is critical and there is always a chance of misstep through acquisition (though iA Financial's track record is relatively impressive); (3) Buybacks are becoming 'expensive' as its valuation rises."