Canadian Banks
It's nice being positive...In a report yesterday by Credit Suisse
First Boston said the domestic banking sector would face challenges
and under-perform the market. CSFB goes on to say that consensus
earnings forecasts remain vulnerable to further credit charges and
revenue growth challenges. Exposure to power and power generation
companies will likely replace telecom and media as the next credit
land mine. Headline risk will likely continue with the U.S.
government’s investigations regarding the banking sector’s role with
bankrupt companies such as Enron, WorldCom and Global Crossing.
Bank of Montreal (BMO : TSX : $33.40)
Net Change: 1.30, % Change: 4.05%, Volume: 1,727,300
Bank of Nova Scotia (BNS : TSX : $46.30)
Net Change: 0.95, % Change: 2.09%, Volume: 3,669,500
National Bank of Canada (NA : TSX : $30.80)
Net Change: 1.30, % Change: 4.41%, Volume: 1,944,700
Royal Bank of Canada (RY : TSX : $48.45)
Net Change: 1.20, % Change: 2.54%, Volume: 4,020,400
TD Bank (TD : TSX : $32.43)
Net Change: 2.23, % Change: 7.38%, Volume: 4,396,500
Biovail (BVF : TSX : $36.30)
Net Change: 3.40, % Change: 10.33%, Volume: 676,400
The stock rallied over 10% yesterday as investors await Q2/02 results
today. Analysts site growth in Biovail’s top brands, Cardizem and
Tiazac, as the reasons Biovail is expected to hit targets. National
Bank Financial maintains a "focus buy" rating and US$68.00 target. RBC
Capital Markets reiterates "top pick" status and 1-year target price
of US$66.00. |
