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- 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.