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Investing.com - Jefferies upgraded Intact Financial Corp (TSX:IFC) (OTC:IFCZF) from Hold to Buy, while slightly raising its price target to C$317.00 from C$316.00.
The upgrade comes as Intact’s shares have fallen 16% since its second-quarter earnings report, despite what Jefferies characterized as "arguably strong" results, creating a compelling valuation opportunity.
Jefferies cited the attractiveness of Intact’s property and casualty business in the current environment, noting that domestic prices remain firm across most lines, which highlights strong returns on equity while offsetting more modest unit growth.
The firm highlighted Intact’s dominant market position in Canada and its well-diversified global commercial franchise as key strengths for the company.
Jefferies also pointed to Intact’s strong balance sheet and low leverage, suggesting the company is likely to continue its history of successful acquisitions.
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