Scotiabank price target lowered to C$62 from C$64 at CIBC

CIBC lowered the firm’s price target on Scotiabank to C$62 from C$64 and keeps a Neutral 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.