Price Targets for Life Insurance Companies

Great West Lifeco Inc.
• BMO Capital Markets maintains "market perform," 12-month target price is $32.00
• Desjardins Securities upgrades to "buy,"
• GMP Securities maintains "buy," 12-month target price is $34.50
• National Bank Financial maintains "sector perform," 12-month target price is $31.50
• RBC Capital Markets maintains "sector perform," 12-month target price is $32.00
• Scotia Capital maintains "sector outperform," 12-month target price is $33.00
• TD Newcrest maintains "hold," 12-month target price is $31.00

Industrial Alliance Insurance & Financial Services
• BMO Capital Markets maintains "outperform," 12-month target price is raised to $38.00 from $37.00
• Desjardins Securities maintains "buy," 12-month target price is $36.50
• RBC Capital Markets maintains "outperform," 12-month target price is $40.00
• Scotia Capital maintains "sector underperform," 12-month target price is $35.00
• TD Newcrest downgrades to "hold," 12-month target price is $35.00

Manulife Financial Corp.
• BMO Capital Markets maintains "outperform," 12-month target price is $40.00
• Desjardins Securities maintains "top pick," 12-month target price is raised to $41.00 from $39.50
• GMP Securities maintains "buy," 12-month target price is $38.50
• RBC Capital Markets maintains "top pick," 12-month target price is $43.00
• Scotia Capital downgrades to "sector perform," 12-month target price is reduced to $38.00 from $38.50
• TD Newcrest maintains "action list buy," 12-month target price is $42.00
• UBS upgrades to "buy," 12-month target price is $42.00

Sun Life Financial Inc.
• BMO Capital Markets maintains "outperform," 12-month target price is reduced to $51.00 from $54.00
• Desjardins Securities downgrades to "hold," 12-month target price is reduced to $47.50
• RBC Capital Markets maintains "sector perform," 12-month target price is $52.00
• Scotia Capital maintains "sector perform," 12-month target price is reduced to $50.00 from $52.00
• TD Newcrest downgrades to "hold," 12-month target price is reduced to $47.00 from $52.00

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