Manulife Financial (MFC) Gets a Buy Rating from Desjardins

By Jason Carr

Manulife Financial (TSX: MFC), the Financial sector company, was revisited by a Wall Street analyst yesterday. Analyst Douglas Young from Desjardins rated Manulife Financial (TSX: MFC) a Buy, setting a C$29 price target.

Young has an average return of 25.2% when recommending Manulife Financial.

According to TipRanks.com, Young is ranked #495 out of 4850 analysts.

Currently, the analyst consensus on Manulife Financial is a Strong Buy with an average price target of C$29.50, implying a 22.3% upside from current levels. In a report issued on July 31, Scotiabank also reiterated a Buy rating on the stock with a C$29 price target.

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Based on Manulife Financial’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of C$8.25 billion and net profit of C$1.37 billion. In comparison, last year the company earned revenue of C$16.06 billion and had a net profit of C$1.26 billion.

Manulife Financial Corp. is a holding company, which engages in the provision of financial protection and wealth management products and services. It operates through the following business segments: Protection; Wealth and Asset Management; Other Wealth; and Corporate and Other.

The company’s shares closed on Thursday at C$24.12.