Scotia Capital Increases Banks' Target Prices

Scotia Capital, 29 July 2009P/E Recovery to Continue� Canadian banks are turning in a spectacular year thus far in terms of share price performance with the bank index up 42% year-to-date and up 90% from the late February lows. The P/E multiple has recovered from the low 6.0x (valuation contagion U.S. pricing of Canadian bank stocks) in late February to the current 11.6x on LTM operating earnings