Desjardins Trims National Bank Of Canada Price Target By 1%

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.

RelatedNational 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.

Photo Via Wikimedia Commons

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorNewsPrice TargetReiterationAnalyst RatingsCanada
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!