RBC Capital analyst Darko Mihelic downgraded Laurentian Bank to Underperform from Sector Perform with a price target of C$33, down from C$39, after Laurentian announced that it completed its strategic review and will not be sold, instead resolving to accelerate its current three-year strategic plan and increase its focus on efficiency and simplification. While it is possible that another financial institution may look again to acquire Laurentian in the future, RBC thinks the odds of such an event over the course of the next 18 to 24 months is “very low” so the firm is moving to a fundamental valuation.
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