RBC Capital analyst Darko Mihelic lowered the firm’s price target on CIBC to C$69 from C$78 and keeps a Sector Perform rating on the shares. The company’s core earnings fell short of expectations in every segment except for its Canadian Commercial Banking and Wealth business, the analyst tells investors in a research note. Mihelic further notes that CIBC revenue growth was modest and its net interest margins disappointed.
Published first on TheFly
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