Fairfax Financial downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Fairfax Financial (FRFHF) to Market Perform from Outperform with a price target of C$2,500, down from C$2,600. The firm cited a “muted go-forward operating income outlook” for the downgrade, adding that with softening global insurance/reinsurance markets, declining underwriting income, moderating investment income growth/muted investment gains outlook, the firm sees “limited growth/multiple expansion.”