cranyinnyc

Canadian Banks' Q4 Better Than Expected - TD Newcrest

ok lets see if i understand this right

"Fourth quarter bank earnings weren't pretty, but long-term fundamentals remain far more stable than what is currently priced into the market..."

so that's why he cut his price targets on 4 (RY-Hold, NA-Buy, LB-Hold, BMO-Hold) of the 7 Canadian Banks in his coverage by an average of 19.4% while keeping the other 3 (CWB-Hold, CM-Buy, BNS-Buy) unchanged. Well that's a new version of stable long-term fundementals - i guess he must have been previous mis-valuing those 'fundementals'

and how's his track record? let's see according to bloomberg he's covered all but LB and CWB for atleast 1 year and for the other 5 he had the same rating on each a year ago as he presently has.

Yesterday 1 year ago Change
RY Hold $37.50 $52.31 -28.3%
NA Buy $37.55 $53.85 -30.3%
CM Buy $53.27 $80.26 -33.6%
BNS Buy $34.76 $52.23 -33.4%
BMO Hold $36.12 $59.66 -39.5%

Average All -33.0%
Avg. Buys -32.4%
Avg. Holds -33.9%

oh and let's not forget the 18.8% drop in the value of the Canadian currency during the period for those of us who are playing in US$