RBC Capital downgraded Laurentian Bank to Sector Perform from Outperform with a price target of C$39, down from C$55. While Laurentian Bank’s core EPS was better than the firm expected, RBC expects loan growth to slow further, including in the highly profitable U.S. business, the analyst tells investors. While the firm thinks expenses can improve from here, it may be challenging for the bank to achieve its medium-term efficiency ratio target of below 65% as revenue growth slows, the analyst added.
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