Manulife Financial price target lowered to C$46 from C$51 at Jefferies

Jefferies lowered the firm’s price target on Manulife Financial (MFC) to C$46 from C$51 and keeps a Buy rating on the shares. The firm reset its outlook for 2025 and believes that growth for the Canada financials resumes in 2026. However, downside risk is still evident with no tariff resolutions, and, while the Canadian financials historically have been relatively resilient to downdrafts, near term variables such as domestic election and potential negotiations “provide little clarity,” the analyst tells investors in a research note. “While some downside has been priced in, we caution that it is far from complete,” contends Jefferies. The firm cut estimates and downgraded both CIBC and National Bank of Canada.