BofA analyst Ebrahim Poonawala downgraded CIBC to Underperform from Neutral with a price target of $45, down from $49, reflecting a cautious view on the macro-economic outlook that is likely to challenge EPS growth and ROE defensibility for the Canadian banks sector. Poonawala expects shares to remain challenged given the bank’s limited balance sheet and operational flexibility.
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Published first on TheFly
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