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06/06/2009 00:00 AST
At least two brokerages upgraded Canadian Western Bank (CWB.TO), citing improved credit quality and margin expansion outlook for the bank.
On Thursday, Canadian Western Bank reported a 15 percent fall in quarterly profit, but said margin improvement was seen in the latter part of the second quarter and it expected that trend to continue through 2009.
Dundee Capital Markets upgraded the bank to "neutral" from "sell" and said it expects the regional banks to perform much stronger than the "Big 5" over the next 12 months.
"We believe that margins are likely to experience expansion over the coming quarters," the brokerage said.
It also raised its price target on the stock to C$15 from C$12.50.
BMO Capital Markets upgraded Canadian Western to "outperform" from "market perform," saying that while credit would continue to challenge the bank in coming quarters, the bank should be able to move spreads higher in 2010.
The brokerage also raised its price target on the stock to C$17 from C$10.50.
Genuity Capital Markets raised its price target on the stock to C$19 from C$18, saying it was comforted by the banks benign credit trends to date and a much improved outlook for margin expansion.
Shares of the Edmonton, Alberta-based bank were up 83 cents to $15.52 Friday on the Toronto Stock Exchange.
Reuters
| Ticker | Price | Volume |
|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
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Saudi Gazette
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Bloomberg
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Oil prices were little changed on Tuesday as markets weighed the impact of newly announced US tariffs on countries that buy Venezuelan oil and the uncertain outlook for global demand.
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Reuters
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Global energy demand saw an above-average annual rise of 2.2 percent in 2024, fueled by rising electricity consumption and growth in emerging economies, according to a new report.
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Arab News
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Global economic growth is expected to average around 3.1 percent in the next five years, below the pre-pandemic level of 3.7 percent, according to an International Monetary Fund official.
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