Canadian Imperial Bank of Commerce (TSX:CM)
Shares Issued 380,672,466
Last Close 6/3/2008 $68.11
Wednesday June 04 2008 - In the News

See Toronto-Dominion Bank (The) (TSX:TD) In the News

The Financial Post reports in its Wednesday edition that RBC Capital Markets analyst Andre-Philippe Hardy has shuffled his ratings on several Canadian bank stocks following a dour set of second-quarter earnings from the sector.The Post's Duncan Mavin, writing in Trading Desk says the analyst cut Toronto-Dominion Bank to "sector perform," citing rising expenses in domestic retail banking, higher loan losses from U.S. operations, and muted capital markets revenue.Mr. Hardy also lowered his rating on CIBC to "underperform" because of weaker-than-average growth in retail banking revenues and problems in wholesale banking. He cut his 12-month target price for CIBC shares from $67 to $64.National Bank's stock on the other hand earned a higher 12-month target price, up from $48 to $52. Mr. Hardy said the bank's shares may benefit because of National's relatively limited exposure to structured finance and the United States.RBC also upgraded Bank of Nova Scotia to "sector perform" and bumped the target for Scotiabank's stock from $46 to $49, citing momentum in domestic retail operations and strong growth overseas.Over all Mr. Hardy is cautious about the sector because of continued pressure on profitability.