The COVID-19 pandemic is currently on the rise and is having devastating impacts in parts of Asia. In response to this crisis, Manulife Financial Corp (MFC) is donating C$250,000 to renowned global health and humanitarian relief organization Project HOPE.
This contribution will provide essential supplies for health care facilities in India and regions in Asia that are most affected by the pandemic.
Manulife’s Global Chief Marketing Officer Karen Leggett said, “The pandemic is having a devastating impact on communities, customers, and colleagues in many parts of Asia, especially in India, Indonesia, Cambodia, Malaysia, and the Philippines. With healthcare facilities under extraordinary strain, Manulife is proud to support Project HOPE in providing life-saving supplies for healthcare providers to help the people who need it the most.”
Project HOPE’s Vice President, Chief Development & Communications Officer Cinira Baldi said, “It’s so important for all sectors around the world to come together to assist at this critical moment. Until COVID-19 is under control in all countries, it remains a global threat to us all.”
In addition to this donation, Manulife is implementing its employee matching program to enable its global team to support these communities in Asia.
Over the past year, Manulife has donated nearly C$5 million to the community to address several dire needs caused by COVID-19. (See Manulife Financial Corp stock analysis on TipRanks.)
Last week, Credit Suisse analyst Mike Rizvanovic reiterated a Buy rating on the stock and raised its price target from C$26.00 to C$28.00 (4.7% upside potential).
The rest of the Street is cautiously optimistic on MFC with a Moderate Buy consensus rating based on 4 Buys and 4 Holds. The average analyst price target of C$28.68 implies a 7.3% upside potential from current levels. Shares have risen by approximately 60% over one year.