STOCKCHASE

Sees the banks as continuing to be strong. Has had a pretty good run in the last while but will probably not continue at the same rate. If you are a trader, consider taking some profits.

2010-03-23

SELL

67.820

Paul Gardner, CFA

CIBC 9% bond. Last February bonds were the place to be. It was crazy. There are not enough reasons to sell this bond now, but there are not enough reasons to buy. There may be opportunities elsewhere.

2010-02-24

BUY

63.640

Banks peaked out in August/September and has been trending down and plateauing over the last several weeks. This is a great entry point especially in this low interest rate environment where they are making a very good spread.

2010-02-10

DON'T BUY

63.400

Benj Gallander

He is not in love with the Canadian banks right now. He owns the preferreds. There could be a fair amount of upside in the longer term and there is the dividends. If you are looking for appreciation, there are lots of others out there.

2010-02-09

BUY

64.500

Randy LeClair

C19 9.976% due June 2018 Bond. Have done very well through 2009 with the narrowing spread. Thinks there is a little bit more spread narrowing to go on.

2010-01-26

BUY

63.730

Jason Donville

Would rank this as #2 in terms of attractiveness in Canadian banks. Historically they have always seemed fast and loose with regards to risk but he feels there will be a conception of higher quality banking from now on. 5.4% dividend yield.

2010-01-22

BUY on WEAKNESS

65.660

Dividends for all Canadian banks are safe. This bank is having a little more difficulty because of write-offs, etc. Would like to buy at $60. Yield of 5% plus.

2010-01-18

BUY on WEAKNESS

66.570

Would prefer it closer to $60-$61. This is probably the one Canadian bank with the greatest upside potential.

2010-01-11

HOLD

67.920

Bruce Campbell

Canadian Imperial (CM-T) or National Bank (NA-T). Which would you sell? As Canadian Imperial have cleared up their problems, it has become a well-run Canadian retail bank and probably the one with the best 2-3 year outlook. Prefers Toronto Dominion (TD-T)

2009-12-30

VAGUE

67.920

David Driscoll

Capital markets have been hot, vs. retail markets.

2009-12-29

BUY

70.000

Jason Donville

Attractively priced and likes some of their management. Thinks the stock will perform better than some of its peers.

2009-12-03

BUY

68.730

Prakash Hariharan

They have fortified their balance sheet against dividend cuts. It has under performed. We always feel that the worst is over. If you line it up with the other banks, it looks cheaper.

2009-12-01

DON'T BUY

65.450

Benj Gallander

Canadian bank stocks are pretty fully valued but he doesn’t have any interest.

2009-10-22

TOP PICK

65.860

Mark Carpani

9.976% bond maturing June 30/19. Price is a bit expensive at $126 so it may not appeal to individual investors. A safer way than using the common stocks as it puts you higher up on the structure. In balanced portfolio he would use a different bank for the stocks.

2009-09-21

BUY on WEAKNESS

62.400

Banks have had a massive recovery since the March lows. This one has lagged. There are a lot of disbelievers as to whether they can get it turned around.

2009-09-10

DON'T BUY

60.220

Veronika Hirsch

She has a Short position on this bank. Her least favourite financial.

2009-09-02

DON'T BUY

64.240

Rick Stuchberry

Canadian banks are no longer inexpensive. Have had a great run. Prefers Bank of Nova Scotia (BNS-T) and Royal Bank (RY-T) and would buy these on a pullback.

2009-08-27

PAST TOP PICK

65.990

Richard Croft

(Top Pick Sep 19/08 Up 23.95%) CIBC with option.

2009-08-17

TOP PICK

66.180

Christine Horoyski

Tier-1 9.976% bond maturing June 30/19. Rated A and yielding about 300 basis points over Canada. This bank is working on back to basics reducing their wholesale risks.

2009-07-30

DON'T BUY

67.200

His favourite is Bank of Nova Scotia (BNS-T) because of its exposure to Latin America and lack of exposure to the US.

2009-07-27

BUY on WEAKNESS

54.020

6.43% is the highest yield in Canadian banks. Looking at buying this but below $50.

2009-06-16

DON'T BUY

54.160

While the banks have had a wonderful rally off the bottom he would be significantly underweight on the financials as it is hard to see where earnings growth comes from. Good revenues in the recent quarter but generally there will continue to be erosion in the credit quality.

2009-06-15

HOLD

54.800

A little disappointed with their last earnings release so he is having a good hard look at the position. Reasonable multiple and reasonable yield. Would prefer Toronto Dominion (TD-T).

2009-06-10

TOP PICK

54.200

Mark Carpani

9.976% bonds maturing 6/30/19. Recently issued. Very solid balance sheet. Good company and he doesn't see much maturity risk.

2009-06-02

Comment

54.470

Paul Harris, CFA

More of a higher risk in Canadian banks. Had tried to be in the global investment banking, which starved their retail banks for capital. If you are a trader, you could buy when it is trading at a multiple to huge discount to the bank index and sell it at a premium.

2009-05-28

PARTIAL BUY

58.800

Dividend yields on the banks are very attractive. Pullback could occur over the summer. If you have a reasonable timeframe of 3 to 5 years, this is not a bad entry point, but you can buy it in pieces..

2009-05-26

BUY

52.000

The most levered to a recover of the big 6. Most punished on the way down and deservedly. Over next couple of years could see earnings in range of $6-7/share

2009-04-22

PAST TOP PICK

41.080

(A Top Pick March 5/08. Down 36.2%.) On a risk weighted basis, probably has greatest potential of capital appreciation, but also greatest potential for price volatility.

2009-03-10

Comment

37.500

Gerald Allaye-Chan

10% capital note with 100-year maturity. Cautious about these hybrid securities. He didn't participate in the offerings. Don't treat it as fixed income, but treat it as a preferred share.

2009-03-06

PAST TOP PICK

45.520

(A Top Pick Jan 8/08. Down 28.3%.) Will have to be even more patient with the banks. Amongst the big 5 this one probably has the greatest risk/reward potential. Core earnings are potentially about $7 a share.

2009-02-02

BUY

46.710

Ken McCord

(Market Call Minute.) Would buy it but would write a call option against it.

2009-01-29

Comment

43.890

Robert McWhirter

Preferred Shares. Outlook is neutral in his model. Earnings have been revised downward 15%. There are concerns for dividend cuts in the Canadian banks but preferreds would likely keep on paying.

2009-01-26

BUY

52.660

(Market Call Minute.) Reasonable buy at the present time.

2009-01-09

BUY

55.110

Andrew Guy, CFA

(Market Call Minute.) Very strong capital ratios. Dividends are safe. Expecting a turnaround in the next little while.

2009-01-06

BUY

49.900

Thinks you can buy the banks at these prices. Will be hurt by the spread narrowing but dividends are good. See them going much lower than where they are now.

2008-12-19

Comment

50.310

Peter Gibson

Has concerns. Rate of profit decline is significant. Also has some CDO exposure.

2008-12-09

DON'T BUY

53.270

Greg A. Taylor, CFA, BBA

Have no US retail or US capital markets. Have already written off their bad assets. Seem to be more of a low risk bank now. Has probably had its run.

2008-12-08

Comment

43.190

Don Vialoux

Has been in a downward trend. Look for signs that it is trying to bottom.

2008-11-24

Comment

55.300

Jim Huang

Preferred shares: Any danger of dividends being cut or delayed? Have a very good Canadian retail franchise. Also have exposure to the US in structured products and have taken huge losses and there is probably still more to come. Doesn't think they will cut the dividends.

2008-11-05

Comment

57.430

Chyanne Fickes

Not a fan of management. Really got knocked down in the last 1.5 years relative to the other banks. Doesn't have the same level of risk because of what happened in the past. Probably the least riskiest of the banks.

2008-11-04

VAGUE

61.080

Bank with the greatest risk. The rescue package in the US could have a direct effect on CIBC.

2008-09-30

BUY

56.900

Bruce Campbell

Upgraded by RBC and Nesbitt Burns. Still write offs to come. Most depressed of Canadian banks.

2008-09-29

TOP PICK

62.590

Richard Croft

Buy CIBC and Sell CIBC Jan 64 Calls. A basic “Call Right” on CIBC. One of the more volatile banks. The options trade at the highest premiums. The $64 level is kind of attractive. The return on this is about 8% between now and January if it is above $64.

2008-09-19

Comment

55.670

Gavin Graham

(Market Call Minute.) The Canadian bank that has performed the worst and will rebound the most.

2008-09-17

DON'T BUY

62.310

Has a well-deserved reputation of being the riskiest bank in Canada.

2008-09-05

WAIT

58.430

(Market Call Minute.) Still facing some headwinds. If you are looking at this one, wait until they actually report.

2008-08-21

Comment

58.450

Had very disappointing performance this year but is not remotely in danger of failure.

2008-08-19

PAST TOP PICK

60.500

(A Top Pick Aug 31/07. Down 35%.) Current valuation is ridiculous. This is a retail bank and retail is 70%-75% of their operations. Should earn over $7 in cash earnings this year and $7.50 next year. Still a Buy.

2008-08-14

PAST TOP PICK

62.350

(A Top Pick Sept 12/07. Down 44%.) Ended up with more impact on the US side than expected. Odds are they're going to have to take another $1 billion or so write-downs again. Sold some of his holdings. Looking for better times once we are through this difficult period. Always buys this as a pairs trade with Bank of Nova Scotia (BNS-T)

2008-08-08

DON'T BUY

63.420

Has traded up underneath the point that it has broken down on the last leg down. Expect this will pose some resistance technically.

2008-08-05

Comment

60.450

Ken McCord

(Put Options) A Put is protecting your downside, which is a wise move. (Like buying insurance on your stock.) Not a fan of banks right now. You might consider HBP Global Gold Bear (HFD-T), which is a great way to short the Canadian Financial industry.

2008-07-29

DON'T BUY

52.210

Situation is deteriorating. There are consistent lower revisions to the earnings estimates. Probably the weakest technically of the Canadian banks. Difficult sector. He is Short this company.

2008-07-11

Comment

55.320

Richard Croft

Re: Bank of Montreal (BMO-T) and CIBC (CM-T). Doesn’t think the banks are going anywhere for the next 3 months. You could Buy them here although they have a ways before they really turn. In the meantime you will get a dividend.

2008-07-02

DON'T BUY

56.100

Still very cautious on the banks. Significantly more write-offs to come, especially in the US. This could rub off on some of the Canadian banks. Holding off on buying any banks until the end of this year or the beginning of next year.

2008-06-30

PAST TOP PICK

58.580

(A Top Pick July 13/07. Down 35%.) The bank that everyone loves to hate. On a core earnings basis, they are still capable of earning $7 a share. Expecting more write-downs, but the market is overestimating their problems.

2008-06-26

DON'T BUY

60.090

(Market Call Minute.) Would avoid this one until some of the asset write-downs are at little bit clearer.

2008-06-24

DON'T BUY

60.090

Expect there is more hurt coming in the global banks including Canada. We are in recession in many parts of North America and there will be loan losses. This one is back to its historical position of beating the riskiest Canadian bank. When times turn, it is the riskiest bank that will do the best.

2008-06-24

BUY

61.630

Pat McKeough

Canadian banks are well established companies with good dividends and good long-term growth. Everybody should own 2 or 3 of Canada's top line banks. This one is a bit more speculative because of its brokerage exposure etc. Prefers Bank of Nova Scotia (BNS-T) but this is an attractive company.

2008-06-20

DON'T BUY

63.450

Dividend is safe. Have raised an enormous amount of capital and is well capitalized now. Very speculative.

2008-06-13

DON'T BUY

64.750

Street has pretty well lost confidence in this bank's risk management. Wouldn't buy until there was some evidence they had straightened things out and they won't have another disaster.

2008-06-10

Comment

67.000

His view on bank stocks is that we are kind of in the eye of the hurricane. If anyone thinks that the credit problems are done and over with, they have another think coming. Wouldn't be surprised if there were fears that Canadian banks could cut their dividends. He doesn't see it happening.

2008-06-05

BUY

73.410

Gavin Graham

Profitability of a Canadian retail franchise, with a comfortable oligopoly in Canada gives you a wonderful base in earnings. You’ll probably take more money in this one in the next few years than you would in the more stable banks.

2008-05-20

DON'T BUY

73.250

Last time they had a disaster, they bounced back and people made a lot of money and who's to say they won't do it again. Not the bank that he would choose to own because of their proven track record of making it really bad, big mistakes.

2008-05-13

HOLD

73.400

Paul Thornton

Undergoing a bit of a recovery, but it is a long way off the high. He would suggest not buying any Canadian banks right here, at least this one. He would like to see more of a recovery. Give it some time to go through a bottoming process but this could go on for a long time.

2008-05-07

PAST TOP PICK

74.170

(A Top Pick July 13/07. Down 23%.) This is the bank that everyone loves to hate. Have had their share of problems and be served criticism since last summer. Still likes.

2008-04-30

BUY

69.720

Ravi Sood

Represents an interesting entry point. Doesn't think it will get close to its previous highs in the next 2 years but expect to get your dividend and some capital appreciation.

2008-04-21

PAST TOP PICK

68.560

(A Top Pick Sept 12/07. Down 27%.) Currently trading at 8X next year's earnings but could see it trading at 10X over the next year, which would be a 25% increase. Still buying.

2008-04-17

Comment

68.900

Andrew Guy, CFA

This one depends on your time horizon. This bank had the biggest exposure to the most risky part of the business. However, looking at the valuation levels, it is the cheapest bank out there. Expects the better quality banks will move sooner but you won't get the same total return.

2008-04-07

DON'T BUY

66.100

Not a company that weathered the major selloff since January, therefore not a great company. Look for companies that wont get hurt if a recession comes. Avoid this company.

2008-03-31

DON'T BUY

64.730

Lyle Stein

Involved with financial market implications. Much prefers BMO.

2008-03-28

TOP PICK

66.450

Getting better disclosure form this bank then any other. Has the best balance sheet of any bank in North America.

2008-03-27

DON'T BUY

66.200

Have a fairly heavy exposure to the junk on their balance sheet. There will be considerable earnings about their earnings. There is a longer term downwards pressure on bank profit. Stay away from it until it gets down to its book value.

2008-03-26

TOP PICK

64.350

The bank that everybody loves to hate. Core operating earnings are probably in the area of $8 a share. Hopefully it will be $9 a share next year. At the current price, you're going to see more performance relatives to the other banks over the next couple of years.

2008-03-05

DON'T BUY

66.790

This is a bank that seems to find problems when they exist out there. It will take a quarter or 2 to get the whole issue flushed through the system and then you will see an improvement in the shares. Dividend looks fine for the time being. Wouldn't step in right now.

2008-02-29

HOLD

70.190

The most accident-prone of the Canadian banks. It is still a black hole of unknowns in the financial markets globally. There could be a rally in the banks but he is not a believer yet. It is too early to Buy but if you own, Hold.

2008-02-26

DON'T BUY

66.840

There have been untold cockroaches coming out on US, European and Canadian banks. He believes there is more to come. Of the Canadian banks, this is the most exposed, to bad loans, subprimes, etc. Could drop further.

2008-02-11

DON'T BUY

67.470

David Cockfield

If you are going to buy a bank, there are better choices. Wouldn't be surprised to see this one go lower. Still some potential problems.

2008-02-08

Comment

68.400

Brian Acker, CA

15% upside on his model price.

2008-02-07

BUY

73.480

Brendan Caldwell

This bank will be fine. They have the capital injection and the worst of the subprime thing seems to be over for them.

2008-02-01

DON'T BUY

68.700

This one is not for the faint of heart. Stock is cheap and is yielding over 5%. Would be cautious.

2008-01-30

PAST TOP PICK

67.240

(A Top Pick Sept 12/07. Down 27.4%.) Management made some terrible decisions and they have made a lot of changes in management. Now a “show me” stock. Still potential for another shoe to drop.

2008-01-25

WATCH

69.240

Don Vialoux

Canadian bank stocks have 2 periods of seasonal strength. Next one coming up starts at the end of January and goes through until the end of May. This one has had a severe downtrend but early signs, on a momentum basis, indicate it is trying to bottom. Watch for this as a potential buy as you get close to February. Also keep an eye on the sector. Would prefer Toronto Dominion (TD-T) or Royal Bank (RY-T).

2008-01-16

DON'T BUY

70.000

Probably a decent price, but there will be some volatility in the next quarter or so. Has been hurt quite dramatically because of exposure to the subprime market. Wait for the dust to settle.

2008-01-15

DON'T BUY

71.310

They seem to be at the forefront of every financial calamity for the last 25 years. This time is no exception. The most exposed Canadian bank to the subprime experience. Will stay under a cloud and continued to trade at a discount for some time.

2008-01-11

TOP PICK

66.960

Not often that you see a Canadian bank stock beaten up as much as this one. Selling at a compelling multiple and a 5% yield. Bringing in new board members and new management.

2008-01-08

DON'T BUY

71.170

1st quarter is looking at another $2 billion and possibly $4 billion or $5 billion in write offs and stock could drop a lot further. He sold his holdings.

2007-12-28

DON'T BUY

70.640

Benj Gallander

See comments under Bank of Nova Scotia (BNS-T). This one would be the most contrarian of the banks, but would like to see it come down even further.

2007-12-24

Comment

71.350

David Cockfield

Have also had problems in the past, which indicates the need to look at what a company has done in the past and what its record has been.

2007-12-21

Comment

70.510

Brian Acker, CA

Finds US financials far cheaper than Canadian. Even though he is overweight in US financials, he is underweight in Canadian financials. Thinks the stock hangs around the $73.50 level. Next level down would be about $60. His model price is $92.63, a 30% positive differential.

2007-12-20

DON'T BUY

70.510

Has broken through one of its technical support levels. If he could see the stock at the $62 level it would be a buy.

2007-12-20

DON'T BUY

72.290

It's just one thing after another with this bank. Have had some real problems. You have to question the fundamentals of their risk management process. Thinks it will take awhile to bounce back.

2007-12-18

DON'T BUY

72.290