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Why National Bank of Canada (NTIOF) Could Be Positioned for a Surge

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National Bank of Canada (NTIOF - Free Report) is a provider of banking services, including retail, corporate and investment banking that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on NTIOF’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that National Bank of Canada could be a solid choice for investors.

Current Quarter Estimates

In the past 30 days, three estimates have gone higher for National Bank of Canada while none have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 98 cents a share 30 days ago, to $1.08 cents today, a move of 10.2%.

Current Year Estimates

Meanwhile, National Bank of Canada’s current year figures are also looking quite promising, with three estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, increasing from $4.08 per share 30 days ago to $4.28 per share today, an increase of 4.9%.

Bottom Line

The stock has also started to move higher lately, adding 7.4% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So, investors may want to consider this Zacks Rank #2 (Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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