Great-West Lifeco (TSE:GWO) Price Target Raised to C$60.00 at Desjardins

Key Points

• Great-West Lifeco's target price has been raised by Desjardins from C$55.00 to C$60.00, indicating a potential upside of 3.02% from the stock's previous close.
• Multiple analysts have also updated their ratings, with TD Securities setting a target of C$66.00 and Scotiabank at C$61.00, reflecting overall positive sentiment towards the stock.
• The company's board approved a share repurchase program, suggesting they believe the stock may be undervalued as it allows purchasing shares through open market purchases.

Great-West Lifeco (TSE:GWO - Get Free Report) had its target price upped by analysts at Desjardins from C$55.00 to C$60.00 in a report released on Wednesday,BayStreet.CA reports. The brokerage presently has a "hold" rating on the stock. Desjardins' target price indicates a potential upside of 3.02% from the stock's previous close.

GWO has been the subject of a number of other research reports. TD Securities increased their target price on Great-West Lifeco from C$59.00 to C$66.00 in a report on Wednesday, October 8th. Barclays increased their price objective on Great-West Lifeco from C$57.00 to C$58.00 and gave the stock an "overweight" rating in a report on Wednesday, October 8th. Scotiabank increased their price objective on Great-West Lifeco from C$59.00 to C$61.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Finally, BMO Capital Markets increased their price objective on Great-West Lifeco from C$55.00 to C$56.00 and gave the stock a "market perform" rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of C$57.78.

Great-West Lifeco Stock Down 0.8%

TSE GWO traded down C$0.49 on Wednesday, reaching C$58.24. 225,421 shares of the stock traded hands, compared to its average volume of 2,687,962. The firm's fifty day simple moving average is C$55.00 and its 200 day simple moving average is C$53.08. The company has a market cap of C$54.25 billion, a price-to-earnings ratio of 14.60, a P/E/G ratio of 2.26 and a beta of 0.65. Great-West Lifeco has a 12 month low of C$44.89 and a 12 month high of C$59.36.

Great-West Lifeco declared that its board has approved a share repurchase program on Tuesday, August 5th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Great-West Lifeco Company Profile

Great-West Lifeco is one of the three big Canadian life insurance firms. With just under half of the firm's profit and revenue in Canada, Great-West also operates in the U.S. and Europe. In Canada, Great-West provides both individual and group insurance. In the United States, Great-West operates Putnam Investments and defined-contribution recordkeeping firm Empower Retirement.

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