Blackmont Capital Initiates Coverage of Banks

• Bank of Montreal (good progress on costs. next up? revenues) was rated new "hold." The 12-month price target is C$71.00.

• Bank of Nova Scotia (internationally diversified, high relative operating efficiency) was rated new "buy." The price target is C$55.00.

• CIBC (rebuild well underway) was rated new "hold." The 12-month price target is C$88.00.

• National Bank of Canada (solid performer with limited regional diversity) was rated new "hold." The 12-month price target is C$65.00.

• Royal Bank of Canada (scale and diversity: a clear advantage) was rated new "buy." The 12-month price target is C$55.00.

• Toronto-Dominion Bank (solid strategic execution, rising risk profile due to acquisitions) was rated new "hold." The price target is C$68.00.

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