National Bank of Canada price target lowered to C$102 from C$106 at CIBC

CIBC lowered the firm’s price target on National Bank of Canada to C$102 from C$106 and keeps an Outperformer rating on the shares. The analyst “does not see a lot to get positive on” heading into the fiscal Q4 results for the Canadian banks. However, the firm believes “we are getting closer to potential inflection points” for the sector with peak credit losses and central bank rate cuts. For now, the right call is to avoid names with the most downside risk, versus playing for upside, says CIBC.