Credit Suisse analyst Joo Ho Kim downgraded CIBC to Neutral from Outperform with a price target of C$63, down from C$66. While the share price has declined meaningfully since the bank’s weak Q4 results, the analyst does not see a near-term catalyst that could help boost it on a relative basis, Kim tells investors in a research note. The analyst believes the bank could continue to underperform on NIMs relative to peers.
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