Manulife Financial upgraded to Outperform from Market Perform at BMO Capital

BMO Capital upgraded Manulife Financial to Outperform from Market Perform with a price target of C$35, up from C$31. The bank’s 2023 capital generation was solid and it is now in a much better capital generation, particularly in Asia and the U.S., the analyst tells investors in a research note. The firm says a strong excess capital position, a 16% core return on equity, a 5.2% dividend yield, and solid buyback “support are all positives.”