Canada's Definity Financial surges after Q2 profit beat, brokerage upgrade

Definity Financial

04/08/2023 17:08

** Shares of Canadian insurer Definity Financial  DFY.TO 
jump ~8% at C$35.06 
    ** Co after market on Thursday reported Q2 operating profit
of 56 Canadian cents/share beating estimates of 45 Canadian
cents/share - Refinitiv  
    ** DFY said gross written premiums in Q2 up 9% while net
investment income jumped 11% 
    ** Raymond James upgrades DFY to "outperform" from "market
perform" citing "solid" quarterly results and a firm market 
    ** RBC Capital Markets raises PT to C$49 from C$46;
Maintains "outperform" rating
    ** Including session gains, stock down ~9% YTD

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))