BMO Capital Believes Intact Financial Corporation (TSX: IFC) Won’t Stop Here

By Austin Angelo

Intact Financial Corporation (IFCResearch Report), the Financial sector company, has received a rating update from a Wall Street analyst today. Analyst Tom Mackinnon from BMO Capital rated Intact Financial Corporation (IFCResearch Report) a Buy, setting a C$134 price target.

According to TipRanks.com, Mackinnon is a 5-star analyst with an average return of 10.6% and a 76.6% success rate. Mackinnon covers the Financial sector, focusing on stocks such as Sun Life Financial, Element Financial, and CI Financial Corp.

Currently, the analyst consensus on Intact Financial Corporation is a Moderate Buy with an average price target of C$130.11, a 6.5% upside from current levels. In a report issued on July 25, Raymond James also maintained a Buy rating on the stock with a C$135 price target.

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Based on Intact Financial Corporation’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of C$2.9 billion and net profit of C$159 million. In comparison, last year the company earned revenue of C$2.66 billion and had a net profit of C$161 million.

Intact Financial Corp. engages in providing property and casualty insurance in Canada and specialty insurance in North America. It operates through the following two business segments: Canada Insurance, U.S. Insurance, and Corporate and Other.

The company’s shares closed on Thursday at C$122.17, close to its 52-week high of C$127.27.