BMO NB's Comment on Manulife's Q4 2005 Earnings

ForecastsGiven results in the quarter, we are increasing our 2006E and 2007E EPS to $4.95 and $5.65 from $4.90 and $5.60.ValuationWe are increasing our target price to $80 from $74, reflecting 16.2x 2006E EPS and 2.4x 2006E BVPS, in line with current trading multiples.RecommendationManulife remains Outperform rated. Overall, results were slightly ahead of expectations, driven by strength in the