Shares of Manulife Financial Corp. (MFC) surged 5.03% in the pre-market trading session on Thursday, fueled by analysts' positive sentiment and raised price targets following the company's strong fourth-quarter and full-year 2024 earnings results.
Barclays analyst Alex Scott raised the firm's price target on Manulife to C$49 from C$47, maintaining a Hold rating on the stock. Meanwhile, DBS analyst Ken Shih reiterated a Buy rating and set a price target of HK$280 for Manulife, citing the company's robust financial performance.
Manulife Holdings, the company's Malaysian subsidiary, reported a 19.5% year-over-year increase in net profit for the fourth quarter of 2024, driven by higher revenue and improved operational efficiency. For the full year 2024, Manulife Holdings recorded a 22.7% rise in net profit, reflecting the resilience of the company's business model and strategic initiatives.
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