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EQB Price Target Lowered By $9 at TD

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TD Securities lowered its price target on EQB Inc. (EQB.TO) to $123 from $132 on Thursday.

Analyst Mario Mendonca maintained a Buy rating on shares of the Canadian digital financial services company following its Q2 results.

"EPS beat consensus by $0.05 (lower by $0.05 vs. our estimate) on much better operating leverage," Mendonca said in a note to clients. "However, the credit picture deteriorated. PCLs were up 16% q/q."

"We think investors will focus on impaired PCLs and sizeable adjustments to operating expenses," the analyst said.

"We like EQB on strong buying activity (buybacks/Loblaw) & PC deal, but acknowledge that credit and loan growth are an issue."

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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