CIBC price target raised to C$62 from C$57 at Scotiabank

Scotiabank raised the firm’s price target on CIBC (CM) to C$62 from C$57 and keeps a Sector Perform rating on the shares. Leaving earnings season for the Canadian banks, the firm is “still biased towards a higher for longer scenario,” and as a result its top pick in the group remains Bank of Montreal (BMO), the analyst tells investors. While the firm maintains a Sector Perform rating on CIBC, it notes that the bank “should provide the most torque in a soft-landing scenario.”