National Bank of Canada price target raised to C$123 from C$113 at Scotiabank

Scotiabank raised the firm’s price target on National Bank of Canada to C$123 from C$113 and keeps a Sector Perform rating on the shares. The company’s financial performance continues to defy Street expectations and the stock continues to outperform the larger banks, the analyst tells investors. The bank has “clearly” demonstrated it deserves its place in this premium category, but further relative multiple expansion is limited versus much larger peer, the firm adds.