CIBC upgraded to Outperform from Sector Perform at Scotiabank

Scotiabank upgraded CIBC to Outperform from Sector Perform with a price target of C$67, up from C$62. After many quarters of bearishness, the firm is getting “much more constructive” on the outlook for Canadian banks. The upgrade of CIBC is tied to solid financial performance and an improved macro outlook, the analyst tells investors in a research note. The firm is increasingly convinced in the resiliency of the Canadian housing market even in the face of the coming mortgage renewal wave.