CIBC price target lowered to C$61 from C$67 at National Bank

National Bank analyst Gabriel Dechaine lowered the firm’s price target on CIBC (CM) to C$61 from C$67 and keeps a Sector Perform rating on the shares after introducing 2024 EPS estimates that imply Canadian bank "Big-6" average EPS growth of 5%. The analyst, who cut his price targets on the group by 5% on average as he takes a more conservative view on valuation, noted that Royal Bank of Canada (RY) is his only Outperform-rated stock among the "Big-6."