Barclays Plc is boosting its price targets on most Canadian bank stocks, saying expectations are so low that fiscal third-quarter results may bring some upside surprises.
His call comes as Wall Street analysts prepare for what’s expected to be a challenging earnings season, starting Thursday with Royal Bank of Canada and Toronto-Dominion Bank, two of North America’s largest lenders. Loan demand is expected to cool, and traders are betting on more central bank rate hikes — potentially creating greater financial stress for Canadian households and curbing their appetite for borrowing. Banks are taking measures to slow down expense growth after a hiring spree.
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