Sun Life Financial: Credit Suisse raises estimates.
(CercleFinance.com) - Credit Suisse on Thursday raised its earnings estimates for Sun Life Financial, citing a strong third quarter for the Canadian insurance group.
"Strong results in U.S. Group and MFS as well as new business gains in Canada were key drivers of the beat," Credit Suisse wrote in a report sent to clients.
While the broker has raised its 2017/2018 EPS estimates by 1%, it prefers to maintain a "neutral" rating on the stock, also maintaining its target price of 54 Canadian dollars.
As a reminder, Sun Life Financial said after markets closed on Wednesday evening that underlying net income rose to 643 million dollars in the third quarter, up from 639 million dollars in the same period a year ago.
The insurer also announced a 5% increase (2 cents) in its dividend per share.
SLF shares are up currently 1.1% at over 50 dollars on Toronto's TSX Exchange.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"Strong results in U.S. Group and MFS as well as new business gains in Canada were key drivers of the beat," Credit Suisse wrote in a report sent to clients.
While the broker has raised its 2017/2018 EPS estimates by 1%, it prefers to maintain a "neutral" rating on the stock, also maintaining its target price of 54 Canadian dollars.
As a reminder, Sun Life Financial said after markets closed on Wednesday evening that underlying net income rose to 643 million dollars in the third quarter, up from 639 million dollars in the same period a year ago.
The insurer also announced a 5% increase (2 cents) in its dividend per share.
SLF shares are up currently 1.1% at over 50 dollars on Toronto's TSX Exchange.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.