11:56 AM EDT, 08/14/2024 (MT Newswires) -- RBC has raised its target on Sun Life Financial ( SLF ) by $2 to $78 and reiterated its Outperform rating after the company reported a "solid quarter" with stronger than expected results in many areas (Canada, the U.S., and Asia). While there was some weakness in the U.S. dental business, it seems the business is past the worst of it and there should be a rebound in earnings contribution next year. There will also be a small lift from restructuring into 2025 and some level of "normalization" even in wealth, adds analyst Darko Mihelic.

Sun Life has solid capital levels (cash at holdco, strong LICAT ratio, renewed NCIB) positioning the company for a solid setup into 2025.

Price: 69.77, Change: +0.54, Percent Change: +0.78