Laurentian Bank assumed with a Sector Perform at Scotiabank

Scotiabank assumed coverage of Laurentian Bank (LRCDF) with a Sector Perform rating and C$28 price target while assuming coverage of six Canadian banks. The analyst is “generally constructive” on the Canadian banks despite elevated uncertainty in the macroeconomic outlook and lingering risks of a potential trade war, believing that the group is “as recession ready as it has ever been.”