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A photograph of the CIBC sign in Toronto's financial district in downtown Toronto on Thursday, Feb. 26, 2009. (NATHAN DENETTE/The Canadian Press)
A photograph of the CIBC sign in Toronto's financial district in downtown Toronto on Thursday, Feb. 26, 2009. (NATHAN DENETTE/The Canadian Press)

Eye on Equities

Analyst upgrades CIBC Add to ...

Canadian Imperial Bank of Commerce's is showing improvement in its retail business, and its recent acquisition of American Century, as well prospects for a preferred share buyback should help build its earnings, TD Newcrest analyst Jason Bilodeau said.

Upside: Mr. Bilodeau maintained CIBC's price target at $94 and upgraded it to "action list buy" from "buy."

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A high-speed train crash in China will likely drag Bombardier Inc.'s share price down, said Benoit Poirier, an analyst for Desjardins Securities. Although the cause of the crash remains uncertain, the trains involved were built in a joint venture between Bombardier and China Southern Locomotive.

Downside: Mr. Poirier predicted a decrease in Bombardier's share price. Still, he has a $9 price target and a "buy" rating on the stock.

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Despite soggy weather, Precision Drilling Corporation posted second-quarter results in line with expectations, said Canaccord Genuity analyst John Tasdemir. Not only did rig day rates increase between 14 to 18 per cent from the previous year, but the company also cut costs to boost daily margins by $1,680 from the last quarter, Mr. Tasdemir said.

Upside: Mr. Tasdemir raised his price target by $3 to $20 and held its rating at "buy."

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RBC Dominion Securities analyst Drew McReynolds trimmed Yellow Media Inc.'s price target by $1 ahead of its second-quarter results next week. Mr. McReynolds' forecast assumes that the annual dividend will decrease by 50 cents to 15 cents per share.

Downside: Mr. McReynolds cut his price target to $2.75 from $3.75.

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Cash flow at EnCana Corporation was better than expected for the second quarter, said Raymond James analyst Kristopher Zack. But while the company has expanded its liquids potential with land in Alberta, Mississippi and Louisiana, Mr. Zack kept Encana's rating at "market perform" because he remains cautious on gas prices in the short-term.

Upside: Mr. Zack boosted his price target to $33 from $32.

 
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