Reported 1 day ago
CIBC has downgraded the Royal Bank of Canada (RY) from Outperform to Neutral while maintaining its price target at C$208. This decision was made despite the bank's impressive fiscal Q3 results, where it posted a $12.32 billion revenue and $2.78 EPS, exceeding Wall Street's expectations. CIBC's analyst Paul Holden cited valuation concerns and a modest expected return after the earnings season as reasons for the downgrade, although he believes that Canadian banks are likely to continue outperforming projections.
Source: YAHOO