RBC Capital upgraded Laurentian Bank (LRCDF) to Sector Perform from Underperform with a price target of C$40, up from C$25. The company’s Q4 core EPS was below the firm’s estimate and consensus, primarily due to higher-than-expected impaired provision for credit losses and lower-than-anticipated net interest income, the analyst tells investors in a research note. The firm views the acquisition announced by Fairstone Bank positively as it represents roughly 72% of Laurentian’s Q4 tangible book value.
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