Manulife Financial price target raised to C$35 from C$33 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Manulife Financial to C$35 from C$33 and keeps an Equal Weight rating on the shares. On average for the Life Insurance group, the firm’s Q2 EPS estimates declined 2% from prior estimates, noted the analyst, who points out that stocks with more negative revisions include Corebridge (CRBG) and Equitable (EQH), where the firm tempers expectations for their Individual Retirement segments, and Lincoln (LNC), where it updated expectations for the recovery of its Life segment and Corporate segment. Stocks with more positive revisions include Jackson (JXN) and Principal (PFG), which the firm says may see benefits from higher average equity markets.