Analyst Actions: Canada Bks 2014E/2015E EPS Lifted By 1%, Target Prices By 9% at Credit Suisse

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Credit Suisse said it has increased its 2014E/2015E EPS estimates for Canadian banks by 1%, reflecting stronger top-line growth. Its estimates imply 5% (7% ex-CM) and 8% YoY EPS growth. It has increased its target prices by 9% which reflects its new 2015E EPS and a higher group multiple (11.3x). Credit Suisse said: "We believe a multiple closer to the historical average for the group (11.4x) is warranted given the outlook for stable margins and credit in Canada, focus on cost control and increasing capital strength."

Credit Suisse retained its Outperform ratings on: BMO, BNS and RY and its Neutral ratings on: TD, CM and National Bank (NA.TO) - listed in order of preference.




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This article appears in: Investing , Commodities

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