National Bank price target raised to $38 from $36 at DA Davidson

DA Davidson analyst Jeff Rulis raised the firm’s price target on National Bank to $38 from $36 and keeps a Buy rating on the shares. The company’s Q2 earnings missed expectations but its non-accrual increase appears to be headed for a swift resolution, its core fee income is at a higher run rate than previously expected, and its CET1 levels are “stout” at 11.1%, the analyst tells investors in a research note.