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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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