National Bank downgraded Laurentian Bank to Sector Perform from Outperform with a price target of C$32, down from C$45, after Laurentian announced that it completed its strategic review and will not be sold. The firm, which had expected Laurentian Bank to be acquired below book value and argues that the bank’s shares will be under pressure without a major catalyst emerging from the strategic review, is returning to a P/E valuation methodology.
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