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ING Canada target cut 13 per cent Add to ...

TD Newcrest took a wrecking ball to its ING Canada price target after a big profit miss, saying it concerned with "deteriorating trends" in the insurers' personal auto and property divisions. But analyst Doug Young figures the operating downturn is now reflected in ING's stock price, which has gained 32 cents to $40.20 on the TSX Thursday morning. The brokerage took his price target down to $48 from $55 on lower forward multiples of book value and price/earnings, but kept a "buy" recommendation. "ING is not a short-term momentum story and, as the P&C pricing cycle continues to soften, we believe investor sentiment could remain negative towards all P&C insurers. However, we view ING as best in-class among the Canadian P&C insurers," Mr. Young writes.

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