National Bank of Canada downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded National Bank of Canada (NTIOF) to Equal Weight from Overweight with a price target of C$140, up from C$130. The firm says Canadian bank earnings in Q4 should see seasonal headwinds, and the impact from lower rates though asset management should help fee revenue. It is changing ratings in the group ahead of the earnings reports. The analyst also looks for the banks’ initial takes on 2025.