CIBC Says Strong Earnings From Banks Due to Capital Markets in Q2 Preview, Downgrades National Bank
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CIBC anticipates strong Q2 earnings for banks, driven by capital markets, but recommends shifting investments to lifecos. Analyst Paul Holden downgraded National Bank to neutral, citing concerns over credit losses amid a weak job market and housing sector. While banks may report EPS beats, capital markets-driven gains may not sustain stock prices. BMO remains the only outperformer-rated bank due to potential upside in ROE targets. National Bank's stock has risen 20% recently, now trading at a premium. Current price: $203.95, down 0.34%.
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