Barclays Analyst Lifts Target Prices for Canadian Bank Stocks Before Earnings
- Expectations are low; healthy 3Q results may lift valuations
- Canada bank stocks fell 3.8% last week, biggest drop since SVB
Toronto-Dominion will kick off the latest round of Canadian bank earnings on Thursday, when it reports results alongside Royal Bank.
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Barclays Plc is boosting its price targets on most Canadian bank stocks, saying expectations are so low that fiscal third-quarter results may bring some upside surprises.
Analyst John Aiken raised his target on seven of eight banks — Canadian Imperial Bank of Commerce was the only exception. If banks’ profits look better than forecast, the shares may be poised to trade at higher valuations, Aiken said in a note to investors Monday.