RBC CM: CIBC & TD Bank Should Outperform BMO

RBC Capital Markets, 7 May 2007CIBC and TD's Shares Should Outperform BMO's� Both TD and CIBC trade at a lower 2008E P/E multiple than Bank of Montreal and should grow their earnings more rapidly.� CIBC and TD should also grow dividends more rapidly given the higher expected EPS growth and increases in their dividends.� We believe that those two banks have established themselves as the most