CIBC says Cascades ‘back in penalty box,’ downgrades to Neutral

As previously reported, CIBC downgraded Cascades to Neutral from Outperformer with a price target of C$14, down from C$17, on lower estimates following weaker-than-expected performance in containerboard, “weak” Q1 guidance and the retirement of 2024 guidance. After plunging about 20% post-Q4 earnings, the firm expects shares to be range-bound until management rebuilds credibility with investors, the analyst added.