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Canaccord Genuity Upgrades Canadian Western Bank (CWB) to Buy


Canadian Western Bank (TSX: CWB), the Financial sector company, has received a rating update from a Wall Street analyst on October 10. The company received a Buy on October 10 from Canaccord Genuity’s analyst Scott Chan CFA, with a C$38 price target.

According to TipRanks.com, CFA is a 1-star analyst with an average return of -2.0% and a 41.2% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Manulife Financial Corp, and National Bank of Canada.

Currently, the analyst consensus on Canadian Western Bank is a Strong Buy with an average price target of C$39.67.

Based on Canadian Western Bank’s latest earnings release for the quarter ending July 31, the company reported a quarterly net profit of C$65.93 million. In comparison, last year the company had a net profit of C$59.87 million.

Canadian Western Bank engages in the provision of business banking services for small and medium-sizes companies. The firm provides general commercial banking; equipment financing and leasing; commercial real estate financing; real estate construction financing; and energy lending.

The company’s shares closed on Friday at C$32.96.