Desjardins analyst Doug Young lowered the price target for National Bank of Canada NA NTIOF to C$103 from C$104 while maintaining the Hold ratings on the shares.
The analyst states that NA’s 2Q FY22 results had a positive impact, as Adjusted pre-tax and pre-provision (PTPP) earnings were 7% above estimate.
Related: National Bank Of Canada Clocks 9% Revenue Growth In Q2, Increases Dividend
Young mentions that while the capital markets division was a big contributor to the beat, this division has a good track record. Capital markets PTPP earnings were 19% above estimate and increased 5% year-over-year.
The analyst believes management seems to be taking a more conservative stance with Credigy, which could weigh on growth in 2H FY22.
Price Action: NA shares are trading higher by 0.13% at C$97.07 on TSX, and NTIOF is higher by 0.15% at $76.64 on the last check Tuesday.
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