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Benzinga
Benzinga
Business
Akanksha Bakshi

Desjardins Cuts Canadian Western Bank Price Target By ~14%

Desjardins analyst Doug Young lowered the price target for Canadian Western Bank (TSX:CWB) (OTC:CBWBF) to C$38 from C$44 while maintaining the Buy rating on the shares.

The analyst states that CWB’s 2Q FY22 results had a negative impact, as Adjusted pre-tax and pre-provision (PTPP) earnings were 6% below estimate, driven primarily by lower NIMs.

The analyst expects the results to improve in 2H FY22, likes CWB’s commercial focus, and benefits from the eventual AIRB conversion and valuation.

Young added that the stock likely remains in the penalty box near-term, so some patience will be required.

Price Action: CWB shares are trading lower by 0.69% at C$30.23 on TSX on the last check Tuesday.

Photo Via Wikimedia Commons

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