CIBC analyst Paul Holden downgraded iA Financial (IAFNF) to Neutral from Outperformer with a price target of C$184, up from C$175. Execution has been strong and the stock has re-rated significantly, but the firm thinks relative outperformance will be harder now that expectations and valuation multiples have both increased, the analyst tells investors in a note on the Canadian Lifecos group.
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