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Fly News Breaks for February 4, 2020
CM
Feb 4, 2020 | 06:14 EDT
BofA analyst Ebrahim Poonawala upgraded CIBC to Neutral from Underperform with a C$115 price target. The analyst contends that the management's latest guidance sets a low bar, reducing downside risk. Poonawala adds that at below 9-times forward earnings, there is little risk for further multiple compression at CIBC outside of an "outright credit cycle".
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