Citing the challenging environment for Canadian lenders, KBW cuts Royal Bank of Canada (NYSE:RY) and CIBC (NYSE:CM) to Underperform from Market Perform. Yesterday: Moody's: Prolonged oil slump a negative for Canadian lenders (Feb. 19) RBC is off just 7% YTD, but CIBC has faced a much tougher slog, down more than 20%.
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