Definity Financial Corp: TD Cowen Raises Valuation on Acquisition
Definity Financial Corp. received a research report from TD Cowen, and analysts raised its 12-month target price to C$78, up from C$72 per share. This revision comes in response to Definity's recent strategic move to acquire the Canadian operations of Travelers Insurance (referred to as Travelers Canada).
The acquisition is expected to significantly bolster Definity's market presence and competitive position within Canada's property and casualty (P&C) insurance industry. Travelers Canada brings a complementary book of business, national distribution capabilities, and strong underwriting expertise. This integration is anticipated to enhance Definity's scale, diversify its portfolio, and improve operational efficiencies through synergies and shared services.
TD Cowen's analysts highlighted the potential for earnings accretion and margin expansion, noting that the deal aligns well with Definity's growth strategy and long-term objectives. The upgraded price target reflects stronger expected future cash flows and improved valuation metrics post-acquisition.
According to forecasts from 8 analysts, the average 12-month target price for Definity Financial Corp is CAD 70.10, with an overall 'Hold' rating. Stock Target Advisor rates the stock as Neutral, based on 5 positive and 6 negative signals. As of the last close, the stock was trading at CAD 73.58.
Performance-wise, the stock is down 0.54% over the past week, up 10.20% over the past month, and has gained 71.52% over the past year.
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