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Canadian banks hit 52-week highs ahead of Q2 earnings reports
- Canada's major financial institutions reached new 52-week highs as Q2 earnings reports approach.
- Bank of Montreal, CIBC, and Scotiabank all closed at peak levels, with CIBC's consensus EPS rising from C$2.42 to C$2.45.
- The coordinated climb follows a period of analyst activity around second-quarter earnings expectations.
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Conclusion
BMO.TO closed at C$224.53 (vs previous high C$222.46), CM.TO at C$160.76 (vs C$159.57), and BNS.TO at C$110.98 (vs C$110.27) on May 25. CM.TO current-quarter consensus EPS rose from C$2.42 to C$2.45 in the last 7 days. Analysts expect solid earnings growth but note elevated macroeconomic risks and cautious valuations.