The Financial Post reports in its Tuesday, Nov. 24, edition that Scotiabank has cut Canadian Imperial Bank of Commerce to "sector perform" from "sector outperform" ahead of the bank's earnings next week. The Post's John Shmuel writes in the Trading Desk column that Scotiabank analysts say the stock has had a "good run" and is near fair value. The analysts say, "CIBC has been the best performing 'Big Six' bank stock in 2015, and as a result the relative valuation accorded to the shares has improved from a 10-per-cent discount on our 2016E at the start of our current year to a sub-1-per-cent discount today." Canada's banks are on schedule to post their first down year since 2011. However, while sentiment around the sector remains downbeat, Scotiabank is telling investors to take another look at the space. Valuations are looking particularly attractive, it says, noting that the stocks are now at a multiyear low ahead of what is expected to be a muted quarter for the sector. Scotiabank rates Bank of Nova Scotia and Royal Bank of Canada "outperform."