08:13 AM EDT, 09/06/2024 (MT Newswires) -- CIBC Capital Markets raised its price target on six Canadian bank stocks following their Q3 results.
Analyst Paul Holden increased his target on Bank of Montreal (BMO.TO) to $120 from $116 (Neutral), Bank of Nova Scotia (BNS.TO) to $78 from $68 (Neutral), and National Bank of Canada (NA.TO) to $135 from $134 (Outperformer).
Holden raised his target on Royal Bank of Canada (RY.TO) to $167 from $166 (Neutral), Toronto-Dominion Bank (TD.TO) to $100 from $88 (Outperformer), and EQB Inc. (EQB.TO) to $113 from $105 (Outperformer).
"The big banks delivered more EPS beats than misses as credit losses increased less than expected for the majority of banks," the analyst said in a note to clients.
"We can't sound the all clear on credit risk just yet, with BMO being the obvious case in point, but we are less concerned about F2025 credit losses and associated EPS downside today than we were prior to reporting," Holden said.