The Globe and Mail reports in its Wednesday, March 5, edition that TD Cowen analyst Mario Mendonca thinks Canadian bank valuations "no longer look rich," however, he cautions "multiples are not sufficiently low to step in front of the downside presented by tariffs." The Globe's David Leeder writes that Mr. Mendonca reiterated his "hold" on National Bank of Canada. Mr. Mendonca trimmed his share target to $131 from $135. Analysts on average target the shares at $136.36. Mr. Mendonca says in a note: "The bank's larger capital markets business and fast-growing Cambodian business do not support a premium valuation, in our view. While these two segments have contributed to solid results reported between 2021-Q3/24, Q4/24 and Q1/25 results point to softer loan growth and challenging credit conditions at ABA. We do acknowledge, however, that NA no longer trades at a premium to the group P/E." The Globe reported on Feb. 21 that Scotia Capital analyst Meny Grauman continued to rate National Bank "sector perform." The shares were then going for $123.48. The Globe reported on Feb. 28 that RBC Dominion Securities analyst Darko Mihelic continued to rate National Bank "sector perform." It was then worth $120.01.