BMO Capital Upgrades Laurentian Bank of Canada to Buy

By Ryan Adsit

Laurentian Bank of Canada (TSX: LB), the Financial sector company, has received a rating update from a Wall Street analyst on December 5. Analyst Sohrab Movahedi from BMO Capital rated Laurentian Bank of Canada (TSX: LB) a Buy on on December 5, setting a C$62 price target.

According to TipRanks.com, Movahedi is a 4-star analyst with an average return of 13.8% and a 91.7% success rate. Movahedi covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Toronto Dominion Bank, and Canadian Western Bank.

Currently, the analyst consensus on Laurentian Bank of Canada is Moderate Buy and the average price target is C$62.80, representing an 11.1% upside.

In a report issued on December 6, TD Securities also upgraded the stock to Buy with a C$63 price target.

Based on Laurentian Bank of Canada’s latest earnings report for the quarter ending October 31, the company posted quarterly revenue of C$437 million and quarterly net profit of C$58.64 million. In comparison, last year the company earned revenue of C$384 million and had a net profit of C$18.38 million.

Laurentian Bank of Canada engages in the provision of financial services across Canada. It operates through the following segments Personal and Commercial; B2B Bank; Laurentian Bank Securities and Capital Markets; and Other. Personal and Commercial segment caters to the financial needs of business clients across Canada and retail clients in Québec.

The company’s shares closed on Thursday at C$56.54.