08:13 AM EDT, 06/18/2024 (MT Newswires) -- RBC Capital Markets raised its price target on Canadian Western Bank ( CWESF ) to $51 from $28.

Analyst Darko Mihelic maintained a Sector Perform rating on shares of the Edmonton, Alberta-based bank following the June 11 announcement that it will be acquired by National Bank of Canada ( NTIOF ) .

"We believe that the acquisition price is attractive for CWB shareholders," Mihelic said in a note to clients.

"We believe CWB is a solid bank franchise," the analyst said. "It has a large presence in Western Canada, and we believe this will complement NA's footprint, which is predominantly in Quebec."

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