The Globe and Mail reports in its Tuesday, June 10, edition that analysts have raised their earnings forecasts for National Bank of Canada, while also touting its value characteristics. The Globe's guest columnist Anthony Menard writes in the Number Cruncher column that National Bank is a stock with positive analyst sentiment. It is the sixth-largest bank in the country. He says the bank narrowly met his screening criteria with earnings estimates revised upward by exactly 5 per cent over the past 90 days. While National Bank's share price performance over the past year has been modest at 13.4 per cent, Mr. Menard, however, notes the bank has delivered solid five-year annualized revenue growth of 8.6 per cent.
Trading at 12.3 times forward earnings, Mr. Menard says National Bank provides a compelling entry point into Canada's leading financial institutions. The Globe reported on May 30 that RBC Dominion Securities analyst Darko Mihelic had reaffirmed his "sector perform" recommendation for National Bank. The shares could then be had for $135.07. The Globe reported on June 6 that CIBC analyst Paul Holden rated National Bank "underperformer." The shares were then going for $133.80.
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