Manulife Financial price target raised to C$40 from C$35 at BMO Capital

BMO Capital raised the firm’s price target on Manulife Financial to C$40 from C$35 and keeps an Outperform rating on the shares. The analyst noted that Manulife’s Asia business keeps outpacing “top Asian peers on important KPIs, especially for 2023, where IFRS17 applies,” and with Asia representing 37% of Manulife’s 2023 core earnings, and likely 50% by 2027 according to the company, “this cannot be ignored.”