RBC CM Initiates Coverage of National Bank at Underperform

RBC Capital Markets, 30 April 2007EventWe are initiating coverage of National Bank of Canada with an Underperform, Average Risk rating on its shares.Investment Opinion� National Bank trades at a 1.5x P/E discount to the group, in line with its average of the last five years, and we do not believe the discount will narrow in the coming year as EPS growth should lag the group.� National Bank's