CIBC downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital analyst Darko Mihelic downgraded CIBC to Sector Perform from Outperform with a price target of C$69, down from C$78, after core EPS fell short expectations this quarter in every segment except for its Canadian Commercial Banking and Wealth business. In addition, revenue growth was modest and NIM disappointed, said Mihelic, who suspects shorter-term earnings growth will look "relatively weak" with pressured NIMs and decelerating loan growth on the horizon.