CIBC downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank analyst Meny Grauman downgraded CIBC to Sector Perform from Outperform with a price target of C$68, down from C$75, following the company’s Q4 miss, which he said "stands out both in terms of its magnitude and its composition." Following the "double-digit miss," he expects a material downward revision to consensus estimates as well as a wider discount to the group, Grauman tells investors.