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Canaccord Genuity Remains a Buy on Manulife Financial (MFC)


Manulife Financial (MFC), the Financial sector company, was revisited by a Wall Street analyst yesterday. Canaccord Genuity’s analyst Scott Chan CFA reiterates their Buy rating on the shares, with a C$29 price target.

According to TipRanks.com, CFA is a 1-star analyst with an average return of -1.4% and a 41.6% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Manulife Financial Corp, and National Bank of Canada.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Manulife Financial with a C$27.50 average price target, implying a 23.2% upside from current levels. In a report issued on October 31, Scotiabank also reiterated a Buy rating on the stock with a C$27 price target.

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Based on Manulife Financial’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of C$13.11 billion and net profit of C$1.26 billion. In comparison, last year the company earned revenue of C$11.46 billion and had a net profit of C$1.11 billion.

Manulife Financial Corp. is a holding company, which engages in the provision of financial protection and wealth management products and services. It operates through the following business segments: Protection; Wealth and Asset Management; Other Wealth; and Corporate and Other.

The company’s shares closed on Thursday at C$22.33.