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Stonecap Securities' Brad Smith, cuts his outlook on the Canadian banking sector as the big...

Stonecap 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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