The Globe and Mail reports in its Friday edition that National Bank made some slight cuts in price targets as it looked ahead to the upcoming earnings season for Canadian life insurance stocks. The Globe's Darcy Keith writes that National Bank's share target for Manulife Financial was trimmed to $48 from $49 while Sun Life Financial's share target went to $93 from $94. National Bank says in a note: "Lifecos have underperformed the market by about 650 bps so far in 2025. Notably, they have underperformed the Big-Six banks by about 800 bps. We believe the latter comparison is relevant to explain their lagging performance. That is, despite headwinds faced by the Canadian banks, the market has favoured these stocks so far this year, which we believe has come at the expense of the Canadian lifecos. In our view, the lifecos are relatively attractive and offer strong EPS growth potential, robust excess capital positions, relative insulation against economic risks and attractive valuations. Our top picks are Manulife and Sun Life Financial. Manulife has been weighed down, in our view, by concerns related to its Asia exposure, which hasn't been reflected in the valuations and performance of Asia-focused life insurance companies."