In a report released yesterday, Tom Mackinnon from BMO Capital maintained a Buy rating on Intact Financial Corporation (IFC – Research Report), with a price target of C$315.00.
Tom Mackinnon has given his Buy rating due to a combination of factors including Intact Financial Corporation’s strong market position and its competitive edge in data analytics. Despite the recent announcement of higher-than-expected catastrophe losses, Mackinnon believes that these events will reinforce firm market conditions, particularly in personal property, which could benefit IFC in the long run.
Furthermore, the company’s management team has a track record of successful execution, particularly with acquisitions such as RSA and Direct Line. This, combined with the favorable conditions in the property and casualty markets, is expected to lead to an increase in IFC’s valuation multiple, making it an attractive investment opportunity.
Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of IFC in relation to earlier this year.