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Investing.com - UBS initiated coverage on Manulife Financial (TSE:MFC) (NYSE:MFC) with a Buy rating and a C$55.00 price target on Thursday.
The investment bank sees potential for Manulife to exceed consensus earnings estimates, projecting 3% upside to 2026 estimates and 8% upside to 2027 estimates, driven by strength in the company’s Asia business and Global Wealth and Asset Management (GWAM) segment.
UBS highlighted Asia as a key but underappreciated market for Manulife, noting the growth of middle classes, retirees, and aging demographics creating demand for retirement savings and income protection products that Manulife is positioned to provide.
The firm also pointed to Manulife’s investments in its GWAM segment, including the recent Comvest deal that strengthens its U.S. private market offerings for retirement and wealth clients.
Manulife currently trades at approximately 10 times price-to-earnings, compared to 12-13 times for peers in the Asia and Wealth/Asset Management sectors, suggesting room for valuation improvement as earnings growth materializes in these high-value segments.
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