May 23, 2017 / 6:03 PM / 5 months ago

BUZZ-Barclays upgrades 5 Canadian banks on valuation, outlook

** Barclays raised its outlook on 5 Canadian banks due to low valuations following Q1 results

** Analyst John Aiken writes depressed valuation also attributable to housing market worries arising from non-bank lender Home Capital Group’s rapid decline in deposit accounts

** Cites upcoming switch to 2018 valuation year as painting rosier earnings growth outlook

** Among ‘big 6,’ raises Bank of Montreal to equal weight from under weight, PT to $98 from $95

** Lifts Bank of Nova Scotia to overweight from equal weight, PT to $84 from $78

** Upgrades National Bank of Canada to overweight from equal weight, PT unchanged at $59

** Boosts TD Bank Group to equal weight from under weight, PT to $69 from $64

** Also raises regional bank Laurentian to equal weight from under weight, though trims PT to $58 from $59

** In last 12 months, banks have outperformed the broader Canadian equities market, with the Thomson Reuters Canada Banks Index up 14.9 pct vs. the TSX Composite (up 11.1 pct)

** Graphic: tmsnrt.rs/2rN2rsU (Stephen Culp)

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