UPDATE: Credit Suisse Downgrades Canadian Imperial Bank of Commerce

Credit Suisse cuts its rating on Canadian Imperial Bank of Commerce

to Neutral from Outperform due to Canadian exposure as well as weak outlook on NIM and expense performance. Credit Suisse says, "We are more cautious on: (1) CM's relatively high Canadian consumer exposure; (2) potential for relatively high domestic NIM compression; and (3) potential for relatively weak expense performance in Canadian retail banking. In terms of valuation, CM's 12% forward P/E discount is in-line with its historical average." CM closed at $77.05 a share yesterday.