Eight Capital Downgrades National Bank of Canada (NA) to Neutral

National Bank of Canada (TSE:NA) was downgraded by analysts at Eight Capital from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Monday. They presently have a C$67.00 target price on the financial services provider’s stock, up from their previous target price of C$66.00. Eight Capital’s target price indicates a potential upside of 5.69% from the stock’s previous close.

A number of other brokerages have also commented on NA. Desjardins lifted their price target on National Bank of Canada from C$62.00 to C$64.00 in a report on Monday. CSFB lifted their price target on National Bank of Canada from C$59.00 to C$61.00 in a report on Monday. Canaccord Genuity lifted their price target on National Bank of Canada from C$66.00 to C$68.00 in a report on Monday. BMO Capital Markets boosted their target price on National Bank of Canada from C$61.00 to C$66.00 and gave the company a “market perform” rating in a research note on Monday. Finally, CIBC boosted their target price on National Bank of Canada from C$62.00 to C$68.00 in a research note on Monday, November 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of C$64.50.

Shares of National Bank of Canada (TSE NA) opened at C$63.39 on Monday. National Bank of Canada has a fifty-two week low of C$51.41 and a fifty-two week high of C$64.37.

In related news, Director Richard Fortin purchased 5,000 shares of National Bank of Canada stock in a transaction dated Thursday, September 21st. The stock was bought at an average cost of C$57.90 per share, for a total transaction of C$289,500.00. Also, insider Elaine Marchand sold 6,100 shares of National Bank of Canada stock in a transaction on Thursday, September 28th. The shares were sold at an average price of C$59.50, for a total value of C$362,950.00. Over the last quarter, insiders bought 16,900 shares of company stock valued at $988,018 and sold 16,900 shares valued at $968,706.

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