Canadian Western Bank Gets a Hold Rating from Credit Suisse

By Carrie Williams

Canadian Western Bank (TSX: CWB), the Financial sector company was revisited on June 1, yet the Wall Street analyst remains currently on the sidelines. Analyst Nick Stogdill from Credit Suisse reiterated a Hold rating, with a C$31 price target on June 1.

Stogdill said:

“We are modestly reducing our target P/E premium to reflect our low single digit EPS growth outlook over the next 12-months, and our TP declines to $31 from $32.”

According to TipRanks.com, Stogdill is ranked #2799 out of 4580 analysts.

Currently, the analyst consensus on Canadian Western Bank is Moderate Buy and the average price target is C$29.21, representing a 15.1% upside.

In a report issued on May 23, Scotiabank also maintained a Hold rating on the stock with a C$29 price target.

The company has a one year high of C$32.29 and a one year low of C$23.14. Currently, Canadian Western Bank has an average volume of 439.6K.

Canadian Western Bank engages in the provision of business banking services for small and medium-sizes companies. It offers general commercial banking, equipment financing and leasing, commercial real estate financing, real estate construction financing, and energy lending. The firm also provides full-service personal banking options, including chequing and savings accounts, loans, mortgages, and investment products. The company was founded by Charles Allard and Eugene Pechet on November 1, 1987 and is headquartered in Edmonton, Canada.

The company’s shares closed last Friday at $25.37.