0808 ET - A look at past peak valuation levels suggests there's a little less upside for Canada's big bank stocks, RBC Capital Markets' Darko Mihelic reckons. The analyst notes the Canadian bank index is trading above historical averages and near the 2006 peak on a forward price-earnings basis. So Mihelic reduces target forward P/E multiples based on 2026 core EPS estimates by 1 times for all the banks covered. The price target for Bank of Montreal falls to C$205 from C$219, while Bank of Nova Scotia's target drops to C$98 from C$106. Canadian Imperial Bank of Commerce's target moves to C$147 from C$158, National Bank to C$180 from C$193 and Toronto-Dominion Bank declines to C$138 from C$148. The median forward P/E target multiple shifts to 14 times from 15. (robb.stewart@wsj.com)

(END) Dow Jones Newswires

March 25, 2026 08:08 ET (12:08 GMT)

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