National Bank of Canada assumed with an Outperform at Scotiabank

Scotiabank assumed coverage of National Bank of Canada (NTIOF) with an Outperform rating and C$135 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.”