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Benzinga
Benzinga
Business
Akanksha Bakshi

RBC Capital Cuts iA Financial Price Target By ~10%

RBC Capital IAG TSX Environment
  • iA Financial Corporation Inc (TSX:IAG) (OTC:IAFNF) price target has been reduced to C$86 from C$96 by RBC Capital analyst Darko Mihelic to account for higher risk in the current environment.
  • The analyst maintained the Outperform rating on the shares.
  • Mihelic mentioned that analysts have significantly reduced the 2022 core EPS estimate following the quarter, but the 2023 core EPS estimate only moves slightly lower.
  • The analyst believes IAG will miss 2022 guidance but views the negative stock price reaction as overdone and already discounting this probability.
  • Price Action: IAG shares are trading higher by 7.81% at C$64.09 on TSX on the last check Friday.
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