Barclays Starts Manulife Financial (MFC) at Overweight; Represents Compelling Near-Term and Long-Term Value

UPDATE - Barclays initiates coverage on Manulife Financial (NYSE: MFC) with an Overweight. PT C$17.00.

Barclays analyst says, "Manulife's shares have sold off sharply since the end of the second quarter, down 23% against declines by Sun Life and Great-West Lifeco of 10% and 11%, respectively (vs. 6% for the TSX). With the second consecutive positive earnings surprise, we believe that the relative and absolute declines are overblown and should be recouped over time. Further, we continue to believe that significant longer-term earnings leverage is available and the stock's current valuation represents a compelling entry point."

For more ratings news on Manulife Financial click here and for the rating history of Manulife Financial click here.

Shares of Manulife Financial closed at $13.18 yesterday.

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