National Bank issued a SELL recommendation yesterday with a 12 month price target of 25$. Since they are doing their work full time and I'm not, I'd rather tend to listen than not.
Earnings for Q4 to be announced on Dec.6 will be very important and I can't imagine any fantastic improvement by concentrating on commercial inventory loans based on wholesale prices (according to new CEO's comments) with their 6000 dealer network.
As far as recent earnings reports are concerned :
You need to look at "adjusted income", which is supposed to normalize income by removing one time expense or income items that are included in "accounting income" . There was a huge, one time right-offs included in the April report.
Adjusted / (normalized) income shows a slight slide from April to July. LB has not turned the corner (quote from Yahoo Finance bullboard).