RE: RE: CIBC reason for downgradeThat's the old downgrade. I expect a new one will be issued if it hasn't been already, parrotting the same reasons as other analysts, being industry multiple compression, management share dumping, etc. Basically, any reason to allow the analysts to justify to their bosses that the earlier pie in the sky target prices weren't due to incompetence.
I would suggest that the earlier targets were competent.
The current dropping of targets after the fact (several in a row and all of a sudden) while seemingly chasing the downward stock price is incompetent.