Royal Bank of Canada T.RY

Canaccord Raise Target

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Canaccord Genuity analyst Scott Chan hiked his targets for Canada’s Big 6 banks on Monday.

His changes are:

• Bank of Montreal ( “buy”) to $130.50 from $121.50. The average on the Street is $131.41.
• Bank of Nova Scotia ( “hold”) to $69.50 from $67. Average: $70.27.
• Canadian Imperial Bank of Commerce ( “buy”) to $64 from $62. Average: $63.49.
• National Bank of Canada ( “hold”) to $105 from $102. Average: $104.08.
• Royal Bank of Canada ( “hold”) to $135 from $128.50. Average: $135.11.
• Toronto-Dominion Bank ( “buy”) to $92.50 from $86. Average: $92.28.

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Here's his narrative. GLTA Pointing to an “improved stock market and general macro environment,” Canaccord Genuity analyst Scott Chan hiked his targets for Canada’s Big 6 banks on Monday, seeing signs of optimism from the recently completed earnings season for the sector south of the border. “The six US mega banks (BAC, C, GS, JPM, MS, WFC) reported their Q2/23 results,” he said. “With