BUZZ-BofA initiates coverage of National Bank of Canada with 'buy' rating

National Bank of Canada's NA.TO shares up ~1.1% at C$124.90 ($87.99)

BofA initiates coverage of National Bank of Canada with "buy" rating

Brokerage views the bank as a rare secular growth story in a saturated banking market

BofA says the bank's strong focus on growing the commercial and wealth businesses outside Quebec should deliver outsized growth

Brokerage expects the acquisition of Canadian Western Bank to diversify its revenue

BofA sets PT at C$150, a ~21.5% upside on stock's Thursday close

4 of 13 brokerages rate the stock "buy" or higher, 8 "hold" and 1 "sell"; their median PT is C$140, per data compiled by LSEG

Including session's moves, stock down ~4.7% YTD

($1 = 1.4194 Canadian dollars)