Manulife Financial Corp. (MFC.TO) was upgraded to Outperformer from Neutral at CIBC Capital Markets.

Analyst Paul Holden raised his price target on shares of the Canadian multinational financial services company to $58 from $50.

"MFC's refreshed strategy includes more ROE levers for ROE expansion, and this more diversified approach increases the probability of success, in our opinion," Holden said in a note to clients.

"We estimate that 2027E consensus EPS could increase 8% if MFC achieves its 18% ROE target," the analyst said.

"We have increased our 2026 and 2027 EPS estimates to give more credit for further ROE expansion and our revised 2027E results in an ROE of 17.1%."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)