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Dundee downgrades CIBC Add to ...

Canadian banking stocks are higher on Wednesday, with the exception of CIBC, which is down 1.6 per cent to $71.13 at 3 p.m. EST. Dundee's John Aiken downgraded CIBC to "market underperform" from "market perform" and cashed out the price target to $65 from $90, in the wake of S&P downgrading bond insurer ACA Capital Holdings, a CIBC counterparty for hedging its U.S. debt. "While CIBC's share price had initially rallied on speculation that ACA might survive, the downgrade has once again placed pressure on its valuation," he writes.

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