Inside the Market’s roundup of some of today’s key analyst actions. This file will be updated during the trading day.
The outlook is bright for Canada’s Big Six banks, with Canadian Imperial Bank of Commerce showing particular promise, according to Scotiabank Equity Research analyst Sumit Malhotra.
“The strong run-up in the TSX Bank Index (+13% YTD, +29% YoY) has been underpinned by the solid operating performance of the sector, a relationship that we believe will again be on display in the upcoming Q3/14 results,” says Mr. Malhotra. “With a robust backdrop for market-sensitive revenue (we see 18% YoY growth) leading the way, our estimates have the banks posting a 7% increase in operating EPS, alongside dividend hikes from BNS and RY.”