CIBC (NYSE: CM) received a number of ratings updates from brokerages and research firms in the last week:
- CIBC is now covered by analysts at Citigroup. They set a “neutral” rating on the stock.
- CIBC had its price target raised by analysts at TD Securities from $89.00 to $90.00. They now have a “hold” rating on the stock.
- CIBC had its price target raised by analysts at National Bank of Greece from $84.00 to $85.00. They now have an “underperform” rating on the stock.
- CIBC had its price target raised by analysts at CSFB from $87.00 to $89.00.
- CIBC had its price target raised by analysts at KBW from $81.00 to $82.00. They now have a “market perform” rating on the stock.
- CIBC had its “outperform” rating reaffirmed by analysts at BMO Capital Markets. They now have a $89.00 price target on the stock, up previously from $86.50. They wrote, “CIBC reported cash operating EPS were $2.15, up from $1.97 last year and ahead of the consensus estimate of $2.08, reflecting good performance in retail and wholesale banking…CIBC continues to deliver on those issues most important to investors: good execution on retail bank repositioning, strong capital position (CET1 of 9.6%), stable credit, and measurable buyback activity. Unfortunately, these good results were offset by concerns on the fate of the bank’s relationship with Aeroplan, which comes up for renewal at the end of 2013. We believe the contract is likely to be renewed but there could be a period of uncertainty for the next couple of quarters.”
CIBC opened at 81.14 on Wednesday. CIBC has a 1-year low of $66.32 and a 1-year high of $84.38. The stock’s 50-day moving average is currently $82.78. The company has a market cap of $32.753 billion and a price-to-earnings ratio of 10.17.
Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. CIBC serves its clients through three strategic business units (SBUs): Retail and Business Banking, Wealth Management, and Wholesale Banking.
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