David Baskin - BNN - TOP PICK National Bank of Canada (NA TSX)
Despite the headwinds facing the Canadian banking sector, we think National should outperform in a recession. Over half of National’s portfolio is in Quebec, which has lower household leverage and less housing exposure than other provinces. National has a very strong balance sheet and has managed its funding prudently, which should allow for stable margins going forward. At just 10 times earnings and 4.2 per cent dividend yield, we think shares are attractively valued.
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