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

Key Points

• TD raised its price target for Canadian Imperial Bank of Commerce to C$175 from C$163 and maintained a “buy” rating, implying 3.85% upside from the reported price.
• CIBC shares rose 1.7% to C$168.51, near their 52-week high of C$171.64. However, the broader analyst consensus remains “hold,” with an average target of C$157.50.
• CIBC reported quarterly EPS of C$2.54 on C$8.01 billion in revenue, with a 15.24% return on equity and an 18.44% net margin; insiders sold 17,776 shares worth about C$2.82 million over the past 90 days.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM had its price target hoisted by stock analysts at TD from C$163.00 to C$175.00 in a report released on Wednesday,BayStreet.CA reports. The brokerage presently has a "buy" rating on the stock. TD's target price would indicate a potential upside of 3.85% from the company's current price.

A number of other research analysts have also issued reports on CM. Jefferies Financial Group upped their target price on shares of Canadian Imperial Bank of Commerce from C$136.00 to C$143.00 in a report on Wednesday, May 20th. National Bank Financial lifted their price target on shares of Canadian Imperial Bank of Commerce from C$150.00 to C$152.00 and gave the stock a "sector perform" rating in a report on Friday, May 15th. Raymond James Financial reduced their price objective on shares of Canadian Imperial Bank of Commerce from C$157.50 to C$155.50 and set a "market perform" rating on the stock in a research note on Friday, May 29th. Canaccord Genuity Group raised their target price 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 research report on Tuesday, July 7th. Finally, Desjardins downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating and boosted their price target 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 stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of C$157.50.

Canadian Imperial Bank of Commerce Trading Up 1.7%

Shares of TSE:CM traded up C$2.87 on Wednesday, hitting C$168.51. The company had a trading volume of 576,846 shares, compared to its average volume of 2,535,970. Canadian Imperial Bank of Commerce has a 52-week low of C$100.43 and a 52-week high of C$171.64. The business has a 50 day moving average of C$162.59 and a 200 day moving average of C$148.00. The company has a market cap of C$153.82 billion, a PE ratio of 16.72, a PEG ratio of 3.03 and a beta of 1.40.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM last posted its quarterly earnings data on Thursday, May 28th. The company reported C$2.54 EPS for the quarter. The business had revenue of C$8.01 billion for 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 analysts predict that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current year.

Insider Activity

In other news, insider Amy Florence South sold 1,086 shares of the business's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of C$162.15, for a total transaction of C$176,094.90. Also, insider Christopher John Anderson sold 8,490 shares of the company's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of C$155.50, for a total value of C$1,320,195.00. Following the sale, the insider owned 6,252 shares of the company's stock, valued at approximately C$972,186. The trade was a 57.59% decrease in their ownership of the stock. Insiders sold 17,776 shares of company stock valued at $2,817,744 in the last ninety days. Company insiders own 0.02% of the company's stock.

Canadian Imperial Bank of Commerce Company Profile

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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