The Globe and Mail reports in its Friday, May 29, edition that despite liking its business performance and focus, Credit Suisse analyst Kevin Choquette finds the relative valuation of National Bank of Canada "not compelling." The Globe's David Leeder writes in the Eye On Equities column that on Wednesday, National Bank reported a second quarter operating earnings per share of $1.15, beating expectations of $1.12 and an increase of 10 per cent year over year. Driven by near-record trading revenue, which was up 48 per cent from the same period in 2014, financial markets sector performance led the bank's growth. It raised its dividend to 52 cents (from 50 cents) per share, and it reaffirmed its buyback program, aiming to repurchase six million common shares (or 1.8 per cent its outstanding shares). Mr. Choquette raised his EPS estimate from $4.60 to $4.70 for 2015 and from $4.85 to $5 in 2016. He also raised his price target to $56 from $55 while maintaining his "neutral" rating. Analysts on average target the shares at $50.74. Elsewhere, BMO Nesbitt Burns analyst Sohrab Movahedi and CIBC World Markets analyst Robert Sedran raised their price targets by a loonie to $55 and $52.