Canadian Imperial Bank of Commerce (TSE:CM) Price Target Raised to C$96.00 at Barclays

Key Points

• Barclays raised the price target for Canadian Imperial Bank of Commerce (C$CM) to C$96.00, indicating a potential downside of 5.51% from the current stock price, while maintaining an "underweight" rating.
• Other analysts such as Jefferies and Desjardins have issued higher targets, with Jefferies setting a new price target of C$102.00 and Desjardins raising theirs to C$106.00.
• Currently, the stock has an average rating of "Moderate Buy" according to MarketBeat, with an average target price of C$99.15.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM had its price target boosted by equities research analysts at Barclays from C$94.00 to C$96.00 in a report issued on Thursday,BayStreet.CA reports. The firm presently has an "underweight" rating on the stock. Barclays's target price suggests a potential downside of 5.51% from the stock's current price.

Several other equities research analysts also recently issued reports on the stock. Jefferies Financial Group raised their target price on shares of Canadian Imperial Bank of Commerce from C$94.00 to C$102.00 in a research note on Wednesday. Canaccord Genuity Group set a C$96.00 price target on shares of Canadian Imperial Bank of Commerce and gave the company a "hold" rating in a report on Tuesday, June 24th. Scotiabank raised shares of Canadian Imperial Bank of Commerce to a "strong-buy" rating in a report on Thursday, May 15th. Desjardins increased their price target on shares of Canadian Imperial Bank of Commerce from C$100.00 to C$106.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Royal Bank Of Canada lowered their target price on shares of Canadian Imperial Bank of Commerce from C$116.00 to C$112.00 and set an "outperform" rating on the stock in a report on Monday, June 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of C$99.15.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded up C$0.68 during trading hours on Thursday, reaching C$101.60. 1,006,753 shares of the stock were exchanged, compared to its average volume of 3,634,376. The firm's 50-day moving average is C$97.77 and its 200-day moving average is C$90.11. The company has a market cap of C$95.05 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 3.03 and a beta of 1.12. Canadian Imperial Bank of Commerce has a 12 month low of C$70.65 and a 12 month high of C$102.02.

Insider Activity

In other news, Senior Officer Shawn Beber sold 9,107 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of C$94.28, for a total transaction of C$858,567.89. Also, Senior Officer Christina Charlotte Kramer sold 43,490 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of C$93.07, for a total transaction of C$4,047,614.30. Insiders sold 105,837 shares of company stock worth $9,903,590 in the last quarter. 0.02% of the stock is owned by corporate insiders.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is Canada's fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.

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