CIBC downgraded Emera (EMA) to Neutral from Outperformer with a price target of $68, up from $65. The shares had a muted reaction to a “blowout” quarter as there is only modest carry-through to future years and the stock already re-rated, the analyst tells investors in a research note. CIBC is not negative on Emera, but sees more upside in other names at current valuation levels.
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