Inside the Market’s roundup of some of today’s key analyst actions
RBC Dominion Securities analyst Darko Mihelic thinks the second-quarter results from“SLF reported a solid quarter with stronger than expected results in many areas ,” he said in a research note.
Calling it a “bounce back” quarter, Mr. Mihelic raised his target for Sun Life shares to $78 from $76, reiterating an “outperform” rating. The average target on the Street is $75.92, according to LSEG data.National Bank Financial analyst Maxim Sytchev thinks the investment case for) went “from bad to worse” with a second-quarter miss that exposed the presence of several headwinds, emphasizing “there will be a point when it will be priced in, but not yet.
“Additional cybersecurity incidents will compound aforementioned pressures. Management disclosed an additional cybersecurity incident , on the heels of the earlier CDK outage . While for now management does not expect as material an impact from the August 11th issue, it is still too early to say, and the occurrence only adds to the list of operational challenges management must overcome as it restructures the business.
“The EPS beat, guidance upgrade, and even a tuck-in acquisition that should accelerate the digitization strategy highlight what is a solid quarter that reflects a strong management team continuing to execute,” he said. “We reaffirm our view that EFN is a ‘core holding’. We see continued upside for the shares in 2024 with catalysts from i) Mexico investor day in September, and ii) details of a three-year plan in late 2024 or early 2025.
Mr. Gloyn also said a modest in increase to the company’s full-year guidance reflects strong year-to-date results and “management’s confidence in the near-term outlook.”
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