The Globe and Mail reports in its Wednesday edition that RBC Dominion Securities analyst Darko Mihelic thinks Sagicor Financial Company's valuation remains "relatively low despite good progress." The Globe's David Leeder writes in the Eye On Equities column that Mr. Mihelic continues to rate Sagicor "outperform." He gave his share target a 50-cent boost to $8.50. Analysts on average target the shares at $9.17. Mr. Mihelic says in a note: "Sagicor Financial's adjusted EPS was relatively close to our estimate this quarter. There was a wide difference between reported and adjusted earnings mainly due to market experience gains, but we believe that with time and experience under the IFRS 17 accounting regime, this gap will decrease. We model solid growth in Sagicor Life USA and we now assume more buybacks under its NCIB. We see no change to the investment thesis as Sagicor continues to build out its U.S. business and we view the stock as undervalued. ... We reduce our core net insurance service result estimates in Sagicor Life USA, adjust our expectations for Sagicor Jamaica for lower estimates in core net investment result and tweak our estimates in Sagicor Canada which ultimately bring our core earnings estimates down."