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Stonecap Securities' Brad Smith, cuts his outlook on the Canadian banking sector as the big...
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Wednesday, December 14, 2011, 9:28 AM ETStonecap Securities' Brad Smith, cuts his outlook on the Canadian banking sector as the big lenders cut loss reserves to near pre-crisis levels even as credit unexpectedly deteriorated in Q3. Smith is reducing the PE multiple he expects the banks to sell for from 11X to 9X. Lowest rated: Bank of Montreal (BMO) and TD Bank. Highest: Scotiabank (BNS).
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