Return Expectations for Shares of Canada's Big Banks Trimmed by RBC -- Market Talk

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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)

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

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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. <a href=\"https://laohu8.com/S/CM\">Canadian Imperial</a> Bank of Commerce's target moves to C$147 from C$158, National Bank to C$180 from C$193 and Toronto-<a href=\"https://laohu8.com/S/D\">Dominion</a> 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) \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 25, 2026 08:08 ET (12:08 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Return Expectations for Shares of Canada's Big Banks Trimmed by RBC -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReturn Expectations for Shares of Canada's Big Banks Trimmed by RBC -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-03-25 20:08</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     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. <a href=\"https://laohu8.com/S/CM\">Canadian Imperial</a> Bank of Commerce's target moves to C$147 from C$158, National Bank to C$180 from C$193 and Toronto-<a href=\"https://laohu8.com/S/D\">Dominion</a> 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) \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 25, 2026 08:08 ET (12:08 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4585","symbol_name":"ETF&股票定投概念","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2622073419","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2622073419","pubTimestamp":1774440480,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"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. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","BNS":"丰业银行","CM":"加拿大帝国商业银行","BMO":"蒙特利尔银行","TD":"道明银行","BK4207":"综合性银行","BK4566":"资本集团"},"translate_title":"加拿大皇家银行下调加拿大大银行股票的回报预期——市场讨论","themeId":"8603dabb40994e59ac78c04c930c0d49","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BMO":0.9,"CM":0.9,"BNS":0.9,"TD":0.9},"content_text":"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) \n\n\n  (END) Dow Jones Newswires\n\n\n  March 25, 2026 08:08 ET (12:08 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}