Morgan Stanley Believes Intact Financial Corporation (TSX: IFC) Still Has Room to Grow

By Ryan Adsit

In a new note to investors today, an analyst has provided a rating update for Intact Financial Corporation (IFCResearch Report). Analyst Kai Pan from Morgan Stanley rated Intact Financial Corporation (IFCResearch Report) a Buy, setting a C$125 price target.

According to TipRanks.com, Pan is a 3-star analyst with an average return of 4.0% and a 64.9% success rate. Pan covers the Financial sector, focusing on stocks such as Arthur J Gallagher & Co, Travelers Companies, and Chubb Limited.

Currently, the analyst consensus on Intact Financial Corporation is a Strong Buy with an average price target of C$119.57, which is a 3.1% upside from current levels. In a report issued on May 3, Raymond James also maintained a Buy rating on the stock with a C$119 price target.

.

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$2.46 billion and had a net profit of C$103 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 Wednesday at C$116.01, close to its 52-week high of C$116.14.