TD Newcrest Downgrades CIBC (CM) to Buy; Valuation Discount has Narrowed
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Price: $113.30 -1.34%
Rating Summary:
3 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 5 | Down: 4 | New: 3
Rating Summary:
3 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 5 | Down: 4 | New: 3
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TD Newcrest downgraded CIBC (NYSE: CM) from Action-List Buy to Buy, price target lowered from C$94 to C$92.
Analyst, Jason Bilodeau, said, "Cutting through some noise, we thought it was a reasonable quarter of operating results, though not as strong as we have seen elsewhere. Management confirmed the likely sale of its FirstLine mortgage broker platform; a sound strategy, but one that may underscore some near-term concerns. While we still see good upside over 12-16 months, and we believe that the bank will be successful in its strategic transition, we expect the market to take a wait and see approach. Performance has been reasonable, and the valuation discount has narrowed and with this note we are downgrading the name."
For an analyst ratings summary and ratings history on CIBC click here. For more ratings news on CIBC click here.
Shares of CIBC closed at $76.82 yesterday.
Analyst, Jason Bilodeau, said, "Cutting through some noise, we thought it was a reasonable quarter of operating results, though not as strong as we have seen elsewhere. Management confirmed the likely sale of its FirstLine mortgage broker platform; a sound strategy, but one that may underscore some near-term concerns. While we still see good upside over 12-16 months, and we believe that the bank will be successful in its strategic transition, we expect the market to take a wait and see approach. Performance has been reasonable, and the valuation discount has narrowed and with this note we are downgrading the name."
For an analyst ratings summary and ratings history on CIBC click here. For more ratings news on CIBC click here.
Shares of CIBC closed at $76.82 yesterday.
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