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

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price objective lifted by research analysts at Scotiabank from C$138.00 to C$153.00 in a research report issued on Friday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Scotiabank’s target price would indicate a potential upside of 11.23% from the company’s previous close.

A number of other equities research analysts also recently commented on the stock. Raymond James Financial boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$122.00 to C$135.00 and gave the company a “market perform” rating in a research report on Tuesday, February 17th. National Bank Financial increased their target price on Canadian Imperial Bank of Commerce from C$131.00 to C$150.00 and gave the stock a “sector perform” rating in a research report on Friday. TD Securities lifted their price target on Canadian Imperial Bank of Commerce from C$134.00 to C$142.00 in a report on Monday, February 9th. Jefferies Financial Group increased their price objective on shares of Canadian Imperial Bank of Commerce from C$123.00 to C$127.00 in a report on Wednesday, February 11th. Finally, Barclays raised shares of Canadian Imperial Bank of Commerce from a “strong sell” rating to an “overweight” rating and raised their target price for the stock from C$126.00 to C$137.00 in a research report on Thursday, February 19th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of C$146.05.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock traded down C$4.29 during midday trading on Friday, reaching C$137.55. 1,618,844 shares of the company traded hands, compared to its average volume of 2,555,776. The firm’s 50 day simple moving average is C$128.99 and its two-hundred day simple moving average is C$119.21. The firm has a market cap of C$127.46 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 3.03 and a beta of 1.26. Canadian Imperial Bank of Commerce has a 1-year low of C$76.17 and a 1-year high of C$143.80.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last announced its quarterly earnings results on Thursday, February 26th. The company reported C$2.76 earnings per share for the quarter. Canadian Imperial Bank of Commerce had a return on equity of 12.61% and a net margin of 27.87%.The business had revenue of C$8.40 billion during the quarter. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Frank Guse sold 5,000 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of C$127.16, for a total transaction of C$635,800.00. Following the sale, the insider directly owned 1,359 shares of the company’s stock, valued at approximately C$172,810.44. The trade was a 78.63% decrease in their ownership of the stock. 0.02% of the stock is owned by corporate insiders.

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.