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Three 'buys' and two 'holds' among banks Add to ...

Jason Bilodeau, the new financial services analyst at TD Newcrest, kicked off his banking coverage with "buy" ratings on Bank of Nova Scotia, with a $61 price target; Canadian Imperial Bank of Commerce, with a $115 target; and National Bank of Canada, with a $64 target. He put "holds" on Royal Bank of Canada, with a $60 target and projected total return around 11 per cent; and Bank of Montreal, with a $70 target, and 13 per cent return. Investor sentiment "remains fairly heavily titled against [BMO]stock," he writes, adding that restructuring to improve productivity and drive revenue growth are "likely to be multi-quarter efforts." RBC should post "some of the better domestic trends in the group," he contends, but notes that the "strongest parts of the recovery are now likely behind us."

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