May 23, 2019 / 5:22 PM / 6 months ago

BUZZ-Slew of downgrades, PT cuts push CIBC lower for 2nd day

** Shares of Canadian Imperial Bank of Commerce fell about 3% to C$104.14; stock had its worst day since nearly 3 years on Wednesday

** At least 3 brokerages downgrade ratings on CIBC; 7 cut their PTs after CIBC missed on profit on Wednesday for 3rd straight quarter and forecast no earnings growth this year

** Cormark Securities downgrades co to ‘market perform’ from ‘buy’, cuts PT by C$18 to C$112 and 2019 EPS est. by 4% and 2020 EPS est. by 7%

** “Clear that CIBC has a revenue growth problem” - Cormark

** Brokerage TD Securities and Canaccord Genuity downgrade to ‘hold’ from ‘buy’; TD slashes PT by $15 to C$120, Canaccord by $8 to C$113

** BMO cuts PT to C$120 from C$128, says co trades at ~14% valuation discount to Canadian bank index

** Credit Suisse cuts PT to C$114 from C$116

** Out of 15 brokerages, 3 rate the stock “buy” or higher, 10 “hold” and 2 “sell”; median PT C$118

** Including Thursday’s losses, stock has fallen 9.5% in the last 12 months (Reporting By Arundhati Sarkar and Shanti S Nair in Bengaluru)

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