CIBC Believes iA Financial Corporation Inc (TSX: IAG) Still Has Room to Grow

By Carrie Williams

In a latest note to investors, a research analyst has provided a rating update for the Financial sector company, iA Financial Corporation Inc (IAGResearch Report). Analyst Paul Holden from CIBC remains bullish on the stock and has a C$61 price target.

According to TipRanks.com, Holden is a 4-star analyst with an average return of 6.0% and a 59.3% success rate. Holden covers the Financial sector, focusing on stocks such as Sun Life Financial, Element Financial, and IGM Financial.

iA Financial Corporation Inc has an analyst consensus of Strong Buy, with a price target consensus of C$63, a 16.3% upside from current levels. In a report issued on August 2, Scotiabank also upgraded the stock to Buy.

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Based on iA Financial Corporation Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of C$3.17 billion and net profit of C$187 million. In comparison, last year the company earned revenue of C$2.63 billion and had a net profit of C$165 million.

iA Financial Corp., Inc. is a holding company, which engages in the provision of financial and insurance services. The company operates through its subsidiary, Industrial Alliance Insurance and Financial Services Inc.

The company’s shares closed on Friday at C$54.19, close to its 52-week high of C$54.88.