National Bank of Canada resumed with a Hold at Canaccord

Canaccord resumed coverage of National Bank of Canada with a Hold rating and C$107 price target. The firm, while resuming coverage of the Canadian bank sector going into what it calls “a crucial year for both the industry and economy,” notes that macro indicators point to slowing loan growth and normalizing PCLs, but adds that it believes the market has “already priced much of the coming pain into valuations.”