Stock price when the opinion was issued
Overall, banks should be correcting a little more than they are now. He sees some growth risks in Canada specifically. A bank like this, that's mostly exposed to the Canadian consumer and market, will have a bit of a correction if our economy is weaker.
Likes the name, but he'd wait for more of a drop before putting in new $$, perhaps another $10 lower.
If only he could roll back the time machine on his portfolio.... The bank that grew up and took a well-deserved seat at the big boys' table. Exceptional bank, packs a big punch in capital markets. Standout results. Purchase of CWB is a hand-in-glove fit, strategically sound, likely accretive. Lots of blue sky ahead, no qualms adding.
Likes it in general. Great platform and franchise. If economy is heading for a contraction (for whatever reason), this name doesn't have the geographic exposure of the other 5 banks. Mainly in Quebec; very small US and international footprint. Extremely good job of growing, so he wouldn't bet against management. It's a macro call.
Disclosure: his dealer custody is with NA.
If you're in a bull market, you want to own the strongest stocks you can find. He prefers "good, getting better", some kind of positive change that could add to the valuation, and where other people agree with him. He owns RY, CM, and NA; firing on all cylinders.