National Bank Q1 2008 Earnings

RBC Capital Markets, 29 February 2008Q1/08 core cash EPS of $1.46 were in line with our estimate of $1.45 (consensus estimates were $1.38), representing YoY growth of 3%. All three divisions were close to our expectations and a lower share count (3%) helped offset weak net income growth. Our 2008 and 2009 cash EPS estimates are unchanged, as is our 12-month target price of $51 and our