National Bank of Canada "neutral," target price raised

05/30/08 - UBS

NEW YORK, May 30 (newratings.com) - Analysts at UBS maintain their "neutral" rating on National Bank of Canada (NA.TO), while raising their estimates for the company. The 12-month target price has been raised from C$54 to C$55.

In a research note published this morning, the analysts mention that the company has posted its EPS for the latest quarter ahead of expectations, driven by its impressive cost control in the P&C segment. National Bank of Canada’s credit quality in the Canada business continues to be high and the company’s asset quality remains robust, the analysts add. The EPS estimates for 2008 and 2009 have been raised from C$5.51 to C$5.75 and from C$5.77 to C$5.90, respectively.