Analysts at Canadian Imperial Bank of Commerce this week came out with across-the-board target price cuts for the big Canadian banks, arguing that the macroeconomic picture was becoming less certain, and could drag on results in 2023.
Holden and his team reduced forward-looking adjusted earnings per share by one per cent for 2022 and by four per cent for 2023 in anticipation of slowing loan growth and higher credit losses.Article content In a note to clients, Holden argued that banks were currently priced in-line with a five-year average price to book value multiple of 1.7x, or about the same rate expected in a normal economic scenario and not accounting for an economic recession.
financialpost What if the RE market craters and people start walking away from their homes?
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