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

By Jason Carr

In a latest note to investors, a research analyst has provided a rating update for the Financial sector company, Intact Financial Corporation (IFCResearch Report). The company received a Buy on April 16 from Scotiabank’s analyst Phil Hardie, with a C$119 price target.

According to TipRanks.com, Hardie is a 4-star analyst with an average return of 7.7% and a 76.5% success rate. Hardie covers the Financial sector, focusing on stocks such as Fairfax Financial Holdings, Alaris Royalty Corp, and Element Financial.

Currently, the analyst consensus on Intact Financial Corporation is a Moderate Buy with an average price target of C$116, representing a 4.4% upside. In a report issued on April 9, RBC Capital also maintained a Buy rating on the stock with a C$120 price target.

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Intact Financial Corporation’s market cap is currently C$15.46B and has a P/E ratio of 23.2. The company has a Price to Book ratio of 2.28.

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$111.07, close to its 52-week high of C$114.13.