Canadian Imperial Bank of Commerce (TSE:CM) Given New C$153.00 Price Target at Jefferies Financial Group

Key Points

• Jefferies raised its price target for Canadian Imperial Bank of Commerce from C$143 to C$153 while maintaining a “hold” rating; the new target implied 10.34% downside from the prior close.
• Analyst sentiment remains mixed, with a consensus “hold” rating and average target price of C$160.95. Five analysts rate the stock a buy, while six recommend holding it.
• CIBC shares rose to C$170.65, near their 12-month high of C$171.64. The bank reported quarterly EPS of C$2.54 and revenue of C$8.01 billion, while insiders sold approximately C$2.82 million in shares over the past three months.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM had its target price increased by analysts at Jefferies Financial Group from C$143.00 to C$153.00 in a research note issued on Thursday,BayStreet.CA reports. The brokerage currently has a "hold" rating on the stock. Jefferies Financial Group's target price would indicate a potential downside of 10.34% from the company's previous close.

CM has been the subject of a number of other reports. Canaccord Genuity Group raised their price objective on shares of Canadian Imperial Bank of Commerce from C$160.00 to C$168.00 and gave the stock a "hold" rating in a report on Tuesday, July 7th. National Bank Financial upped their target price on shares of Canadian Imperial Bank of Commerce from C$150.00 to C$152.00 and gave the company a "sector perform" rating in a research note on Friday, May 15th. TD increased their price target on shares of Canadian Imperial Bank of Commerce from C$163.00 to C$175.00 and gave the stock a "buy" rating in a research report on Wednesday. Raymond James Financial raised their price target 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 note on Wednesday. Finally, Desjardins downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating and lifted their price objective for the company from C$160.00 to C$173.00 in a report on Wednesday, August 5th. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of C$160.95.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM traded up C$2.02 on Thursday, reaching C$170.65. 446,712 shares of the stock traded hands, compared to its average volume of 2,535,068. The stock's 50-day moving average price is C$162.97 and its 200-day moving average price is C$148.29. The firm has a market cap of C$155.77 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 3.03 and a beta of 1.40. Canadian Imperial Bank of Commerce has a 12 month low of C$100.43 and a 12 month high of C$171.64.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM last issued its earnings results on Thursday, May 28th. The company reported C$2.54 EPS for the quarter. The firm had revenue of C$8.01 billion during the quarter. Canadian Imperial Bank of Commerce had a return on equity of 15.24% and a net margin of 18.44%. As a group, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Stephen Alan Scholtz sold 6,000 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of C$162.70, for a total value of C$976,200.00. Also, insider Amy Florence South sold 1,086 shares of the business's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of C$162.15, for a total value of C$176,094.90. Insiders have sold 17,776 shares of company stock valued at $2,817,744 over the last three months. 0.02% of the stock is owned by insiders.

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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