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RBC Capital initiated coverage of Trisura (TSU:CN) (OTC:TRRSF) with an outperform rating on Wednesday, setting a price target of C$51.00 for the specialty insurance provider.
The rating reflects RBC Capital’s view that Trisura’s current valuation does not adequately account for the company’s favorable multi-year growth and profitability outlook.
RBC Capital noted that Trisura appears to remain "in the penalty box" from its 2022 write-down and associated 2024 reserve build in its U.S. Programs business, despite the company’s continued solid book value per share growth and high-teens return on equity generation since those events.
The firm believes Trisura’s ability to deliver consistent results without another significant write-down in its U.S. programs business will be the key factor driving a valuation re-rating over time.
Trisura operates as a specialty insurance provider with operations in both Canada and the United States, focusing on surety, risk solutions, corporate insurance and fronting arrangements.
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