Jefferies Financial Group Issues Positive Forecast for Canadian Imperial Bank of Commerce (TSE:CM) Stock Price

Key Points

• Jefferies raised its price target for Canadian Imperial Bank of Commerce from C$153 to C$154, though the new target still implies 5.2% downside from the prior close.
• Analyst sentiment remains mixed: CIBC has a consensus “Hold” rating from 12 analysts and a consensus price target of C$167.79, with recent targets ranging from C$170 to C$186.
• CIBC shares rose 1.4% to C$162.45 in Thursday trading. The bank recently reported quarterly EPS of C$2.73 and revenue of C$8.37 billion, while insiders sold approximately C$2.82 million of stock over the past 90 days.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM had its price target boosted by equities research analysts at Jefferies Financial Group from C$153.00 to C$154.00 in a research note issued to investors on Thursday, BayStreet reports. Jefferies Financial Group's price objective indicates a potential downside of 5.20% from the company's previous close.

Several other brokerages have also recently issued reports on CM. TD upped their target price on shares of Canadian Imperial Bank of Commerce from C$163.00 to C$175.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods set a C$186.00 price target on Canadian Imperial Bank of Commerce and gave the stock a "hold" rating in a research report on Friday, August 21st. Desjardins reduced their price objective on Canadian Imperial Bank of Commerce from C$173.00 to C$170.00 and set a "hold" rating on the stock in a research note on Friday, August 28th. Barclays boosted their price objective on Canadian Imperial Bank of Commerce from C$144.00 to C$170.00 in a research note on Friday, August 21st. Finally, Raymond James Financial raised their price objective on Canadian Imperial Bank of Commerce from C$155.50 to C$173.50 and gave the company a "market perform" rating in a research note on Wednesday, August 12th. Five research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of "Hold" and a consensus price target of C$167.79.

Canadian Imperial Bank of Commerce Trading Up 1.4%

CM traded up C$2.28 during trading hours on Thursday, hitting C$162.45. The company's stock had a trading volume of 533,667 shares, compared to its average volume of 2,505,946. The stock has a market cap of C$147.49 billion, a price-to-earnings ratio of 15.59, a P/E/G ratio of 3.03 and a beta of 1.40. The business's 50-day moving average price is C$164.61 and its 200-day moving average price is C$151.86. Canadian Imperial Bank of Commerce has a 12 month low of C$107.38 and a 12 month high of C$172.87.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM last released its quarterly earnings data on Thursday, August 27th. The company reported C$2.73 EPS for the quarter. Canadian Imperial Bank of Commerce had a net margin of 16.13% and a return on equity of 15.44%. The business had revenue of C$8.37 billion during the quarter. On average, analysts forecast that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Amy Florence South sold 1,086 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of C$162.15, for a total value of C$176,094.90. Also, insider Stephen Alan Scholtz sold 6,000 shares of the business's stock in a transaction 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. Insiders sold a total of 17,776 shares of company stock valued at $2,817,744 over the last 90 days. 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.

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