Desjardins Downgrades CIBC & RBC

Financial Post, Jonathan Ratner, 3 January 2007Sprott Securities expects another good year for the financial- services sector in 2007, thanks to the fact that most of these companies have significant amounts of excess cash, as well as reasonable valuations for their stocks.Sprott estimates that approximately half of the financial services stocks it covers are overcapitalized, with the excess cash