CIBC downgraded to Hold from Buy at Canaccord

Canaccord analyst Scott Chan downgraded CIBC to Hold from Buy with a price target of C$66.50, down from C$75, after the bank reported "a large EPS miss." Though he doesn’t view this quarter’s results as "indicative going forward," he does believe the bank’s relative growth should lag peers in the near-term, leading to his downgrade.