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Cormark Securities upgraded Definity Financial Corp (TSX:DFY) stock rating from Market Perform to Buy on Wednesday, while raising its price target to C$83.00 from C$68.00.
The upgrade comes as Cormark sees Definity positioned to deliver strong organic growth by leveraging its digital platforms, expense and claims optimization, and expansion within Canada.
Cormark believes the combination of organic and inorganic actions should put Definity on track to achieve a mid-teens operating return on equity (ROE) once the integration of Travelers (NYSE:TRV) is complete.
The research firm cited Definity’s path toward a structurally higher ROE following the Travelers acquisition as the key factor behind the rating upgrade.
Definity Financial, a Canadian property and casualty insurer, has been expanding its market presence through both organic growth initiatives and strategic acquisitions in the Canadian insurance market.
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