Canadian Western Bank upgraded to Outperform from Sector Perform at Scotiabank

Scotiabank upgraded Canadian Western Bank to Outperform from Sector Perform with an unchanged price target of C$32. After many quarters of bearishness, the firm is getting “much more constructive” on the outlook for Canadian banks, the analyst tells investors. The firm is increasingly convinced in the resiliency of the Canadian housing market even in the face of the coming mortgage renewal wave, the analyst added.