UPDATE: Credit Suisse Upgrades Sun Life Financial; Raising PT

According to a research report published this morning, Credit Suisse has upgraded Sun Life Financial

from Neutral to Outperform, and raised PT from $24 to $26. In the report, Credit Suisse said, "Upcoming earnings/capital charges are downplayed. (1) New seg fund calibration rules are expected to have a modest impact (management ball parked $30 million); (2) guidance suggests no material need to strengthen U.S. VA lapse assumptions; and (3) management has already guided to a $60 million potential hit from URR reserve strengthening. Overall, SLF's outlook suggests significantly smaller earnings/capital charges than peers (notably MFC), which increases the stock's near-term appeal." Sun Life Financial closed yesterday at $22.55.