Canadian Western Bank downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Stephen Boland downgraded Canadian Western Bank to Market Perform from Outperform with a price target of C$54, up from C$52. Canadian Western reported a top line beat for Q3 due to stronger than expected net interest income which was offset by an earnings miss as a result of enlarged impaired PCLs, the analyst tells investors in a research note. With the share price now tracking the National Bank share price, the firm believes investors should switch out of Canadian Western.