Canadian Imperial Bank of Commerce (TSE:CM) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Key Points

• Canaccord Genuity raised CIBC’s price target to C$169 from C$168 while maintaining a “hold” rating, implying 6.87% potential upside from the prior close.
• Analyst sentiment remains mixed but generally cautious: five analysts rate the stock a Buy and seven a Hold, producing an average rating of “Hold” and an average target price of C$167.71.
• CIBC reported quarterly EPS of C$2.73 on C$8.37 billion in revenue, with a 15.24% return on equity and an 18.44% net margin. The stock recently traded at C$158.13, within a 52-week range of C$105.01 to C$172.87.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM had its price target raised by equities researchers at Canaccord Genuity Group from C$168.00 to C$169.00 in a research note issued to investors on Friday,BayStreet.CA reports. The firm currently has a "hold" rating on the stock. Canaccord Genuity Group's target price points to a potential upside of 6.87% from the company's previous close.

Several other equities research analysts have also commented on CM. Raymond James Financial boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$155.50 to C$173.50 and gave the stock a "market perform" rating in a research report on Wednesday, August 12th. National Bank Financial set a C$180.00 target price on shares of Canadian Imperial Bank of Commerce and gave the company a "sector perform" rating in a report on Monday. Royal Bank Of Canada lifted their target price on shares of Canadian Imperial Bank of Commerce from C$167.00 to C$176.00 and gave the stock an "outperform" rating in a research report on Friday. Scotiabank increased their price target on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the company a "sector perform" rating in a research report on Tuesday, June 16th. Finally, Barclays raised their price objective on shares of Canadian Imperial Bank of Commerce from C$144.00 to C$170.00 in a research note on Friday, August 21st. Five analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, Canadian Imperial Bank of Commerce has an average rating of "Hold" and an average target price of C$167.71.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock traded down C$1.03 during trading hours on Friday, reaching C$158.13. 863,331 shares of the stock were exchanged, compared to its average volume of 2,505,650. The stock has a market cap of C$144.34 billion, a P/E ratio of 15.69, a P/E/G ratio of 3.03 and a beta of 1.40. Canadian Imperial Bank of Commerce has a 52-week low of C$105.01 and a 52-week high of C$172.87. The firm's 50 day moving average is C$164.90 and its 200 day moving average is C$151.12.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM last issued its earnings results on Thursday, August 27th. The company reported C$2.73 earnings per share (EPS) for the quarter. Canadian Imperial Bank of Commerce had a return on equity of 15.24% and a net margin of 18.44%.The business had revenue of C$8.37 billion during the quarter. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current fiscal year.

Insider Buying and Selling

In other Canadian Imperial Bank of Commerce news, insider Amy Florence South sold 1,200 shares of the business's stock in a transaction on Monday, June 22nd. The shares were sold at an average price of C$160.92, for a total value of C$193,104.00. Also, insider Stephen Alan Scholtz sold 6,000 shares of the company's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of C$162.70, for a total value of C$976,200.00. In the last ninety days, insiders have sold 17,776 shares of company stock valued at $2,817,744. Corporate insiders own 0.02% of the company's stock.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source