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National Bank of Canada Price Target Lowered to $148 at RBC

BY MT Newswires | ECONOMIC | 08/28/25 07:23 AM EDT

07:23 AM EDT, 08/28/2025 (MT Newswires) -- RBC Capital Markets lowered its price target on National Bank of Canada (NTIOF) to $148 from $152.

Analyst Darko Mihelic maintained a Sector Perform rating on shares of the Montreal-based bank following its quarterly results before market open on Wednesday.

The stock declined $5.70, or 3.8%, to $144.71 on the Toronto Stock Exchange.

"NA's Q3/25 adjusted EPS was lower than we expected; revenues were weaker than expected for Financial Markets and USSF&I and we lower our revenue expectations," Mihelic said in a note to clients.

"NA announced its intention to launch an NCIB of ~2% of its common shares, a low level in our view and we strongly suspect that NA may revisit another NCIB next year as it finishes the CWB AIRB conversion," the analyst said.

"We think Q4/25 could be a final 'noisy' quarter on PCLs which creates an interesting setup for 2026."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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