National Bank Financial Updates Canada's Big Five Banks with Mixed Ratings

National Bank Financial has updated its coverage on Canada's major banks, maintaining a positive but increasingly selective outlook as the sector approaches another earnings season.

The analyst continues to rate Royal Bank of Canada (RY:CA) and Toronto-Dominion Bank (TD:CA) with an Outperform rating, with 12-month price targets of $318.00 and $190.00 respectively.

Bank of Montreal (BMO:CA), Bank of Nova Scotia (BNS:CA) and Canadian Imperial Bank of Commerce (CM:CA) are maintained at Sector Perform rating, with 12-month price targets of $278.00, $128.00 and $180.00 per share.

The Royal Bank of Canada remains National Bank Financial's highest-conviction large-bank idea, with the $318 12-month target alongside an Outperform rating, reflecting its scale, diversified earnings base and leadership across Canadian banking, wealth management and capital markets.