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Jason Bilodeau, the new financial services analyst at TD Newcrest, kicked off his banking coverage with "buy" ratings on Bank of Nova Scotia, with a $61 price target; Canadian Imperial Bank of Commerce, with a $115 target; and National Bank of Canada, with a $64 target. He put "holds" on Royal Bank of Canada, with a $60 target and projected total return around 11 per cent; and Bank of Montreal, with a $70 target, and 13 per cent return. Investor sentiment "remains fairly heavily titled against [BMO]stock," he writes, adding that restructuring to improve productivity and drive revenue growth are "likely to be multi-quarter efforts." RBC should post "some of the better domestic trends in the group," he contends, but notes that the "strongest parts of the recovery are now likely behind us."

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