Jefferies has revised its price target for Intact Financial (IFCZF, Financial), reducing it to C$289 from a previous C$301, while maintaining a Hold rating on the stock. The adjustment reflects a reset outlook for 2025, with expectations for renewed growth within Canada's financial sector by 2026. However, challenges remain due to unresolved tariff issues and a lack of clarity from upcoming domestic elections and potential negotiations.
The firm emphasizes that although some of the potential downside has already been absorbed in the stock price, the overall risk landscape remains uncertain and incomplete. Jefferies also adjusted estimates and ratings for other Canadian financial entities, including downgrades for CIBC and the National Bank of Canada, highlighting broader caution across the sector. Investors are advised to remain vigilant as the market context continues to evolve.
