The Globe and Mail reports in its Tuesday, Dec. 2, edition that since downgrading Bank of Montreal ($83.29), Citi Research analyst Stefan Nedialkov now only rates one Canadian bank "buy," Canadian Imperial Bank of Commerce ($106.10). The Globe's Jody White writes in the Eye On Equities column that Mr. Nedialkov downgraded Bank of Montreal to "neutral" from "buy," mainly on valuation grounds as he feels most upside from its Canadian and United States business is fully priced in. Mr. Nedialkov says he is impressed by CIBC's "strong profitability" and "capital generation." He likes CIBC's strong domestic focus, which is more robust than its bank rivals. He says: "CIBC has also done a good job of addressing the issue of low credit risk weights. Eventually, we believe, most Canadian banks would need to return more capital to shareholders (higher dividend payouts and buybacks) and CIBC is likely to be at the forefront of this trend." Mr. Nedialkov hiked his price target for Bank of Montreal to $90, from $80. He also boosted his price target for CIBC to $123 from $102. The Eye column reported that BMO Nesbitt Burns was maintaining an "outperform" rating on CIBC on Aug. 30, when the shares could be had for $103.91.