AnalystsInsight

National Bank Analysts: Track Record and Price‑Target Accuracy

How accurate National Bank’s equity analysts have been: hit rates, returns after their calls and the firm’s top‑ranked analysts, from Exent’s 7‑year backtest.

Reviewed by:David, Senior AnalystPublished Oct 20, 2026Updated Oct 20, 20263 min readHow we research

Key takeaways

16 National Bank analysts are in Exent’s ranking of the top 1,000; 16 rate 4★ or higher and 4 rate 5★.
Their median price‑target hit rate is 79.2% (all analysts: 52.4%).
A median 75.0% of their calls were up 12 months later.
Main sectors covered: Materials, Industrials, Energy, Financials.

In this article

National Bank’s top‑ranked analysts
How this is measured

National Bank’s top‑ranked analysts

Analyst	Sector	Stars	Hit rate	Calls up after 12 months
Shane Nagle	Materials	5.0★	79.2%	79.0%
Dan Payne	Energy	5.0★	0.0%	66.7%
Don DeMarco	Materials	5.0★	100.0%	100.0%
Travis Wood	Energy	5.0★	12.5%	33.3%

Shane Nagle
Sector
Materials
Stars
5.0★
Hit rate
79.2%
Calls up after 12 months
79.0%
Dan Payne
Sector
Energy
Stars
5.0★
Hit rate
0.0%
Calls up after 12 months
66.7%
Don DeMarco
Sector
Materials
Stars
5.0★
Hit rate
100.0%
Calls up after 12 months
100.0%
Travis Wood
Sector
Energy
Stars
5.0★
Hit rate
12.5%
Calls up after 12 months
33.3%

How this is measured

Firm figures are medians across the firm’s analysts in Exent’s ranking, so one star analyst does not carry the whole firm. Each analyst’s record is a 7‑year replay of their rated price targets. See all ranked analysts.

Past performance does not guarantee future results. Historical figures are calculated by Exent from market data and are for education only; they are not investment advice or a recommendation to buy or sell any security.

Frequently asked questions

Across 16 National Bank analysts in Exent’s ranking, the median price-target hit rate was 79.2% over a 7-year lookback, against 52.4% for all analysts. 16 of them rate 4★ or higher.

By Exent’s ranking, Shane Nagle (Materials) ranks highest at National Bank, at #18 overall with a 79.2% price-target hit rate.

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Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.

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