BMO Capital analyst Tom MacKinnon lowered the price target for Sun Life Financial Inc (TSX:SLF) (NYSE:SLF) to C$72 from C$75, with an Outperform rating on the shares.
While IFRS17 impact to underlying EPS, at 5%, was perhaps larger than expected, with 2023E underlying EPS estimates/TP declining accordingly, a positive outlook for future growth on a larger contractual service margin (CSM) provides good visibility into future underlying EPS growth.
