![]() banks) and negative surprises resulting in outsized share price reactions. ![]() Credit, of course, will be topical, with positive surprises likely to be dismissed (per U.S. We see potential for negative capital updates ahead of several capital changes effective Q1/F24 (highest risk for BNS and TD due to lack of guidance). Cost restructuring and associated savings will be a major theme this quarter. The economic outlook will most likely remain a cloud over revenue growth and credit expectations, but we see potential for guidance to shape expense forecasts. “Banks will be providing 2024 guidance which we expect will point to slow revenue growth, slowing expense growth and modestly higher-than-average PCLs. “Key themes for the quarter are expenses, credit, capital and NIM stability,” he concluded. Royal Bank of Canada ( RY-T, “neutral”) to $128 from $129.National Bank of Canada ( NA-T, “outperformer”) to $102 from $106.Laurentian Bank of Canada ( LB-T, “neutral”) to $35 from $37.Canadian Western Bank ( CWB-T, “neutral”) to $30 from $31.Bank of Nova Scotia ( BNS-T, “neutral”) to $62 from $64.Bank of Montreal ( BMO-T, “neutral”) to $115 from $120.Holden also made these other target reductions based on his reduced expectations: ![]() “The premium valuation multiple has expanded over the last 6 months and we see potential for a few negative updates with FQ4 reporting,” he said. The average target on the Street is $91.35, according to Refinitiv data. Holden downgraded Toronto-Dominion Bank ( TD-T) to “neutral” from “outperformer” with a target price of $86 per share, down from $92 previously.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |