Scotiabank Forecasts Strong Price Appreciation for Canadian Imperial Bank of Commerce (TSE:CM) Stock

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price objective boosted by Scotiabank from C$138.00 to C$153.00 in a report issued on Friday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 11.23% from the stock’s previous close.

Several other equities analysts have also recently commented on the stock. 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 company from C$126.00 to C$137.00 in a research note on Thursday, February 19th. Canaccord Genuity Group boosted their price objective on Canadian Imperial Bank of Commerce from C$136.00 to C$145.00 and gave the stock a “hold” rating in a report on Friday. TD Securities raised their target price on Canadian Imperial Bank of Commerce from C$134.00 to C$142.00 in a research report on Monday, February 9th. BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from C$135.00 to C$150.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Royal Bank Of Canada increased their price target on shares of Canadian Imperial Bank of Commerce from C$131.00 to C$134.00 and gave the stock an “outperform” rating in a research note on Monday, January 5th. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of C$146.05.

Canadian Imperial Bank of Commerce Stock Down 3.0%

Shares of TSE CM traded down C$4.29 during midday trading on Friday, hitting C$137.55. The stock had a trading volume of 1,618,844 shares, compared to its average volume of 2,555,776. The company has a market capitalization of C$127.46 billion, a price-to-earnings ratio of 16.05, a PEG 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. The company has a fifty day moving average price of C$128.99 and a 200 day moving average price of C$119.21.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its quarterly earnings data on Thursday, February 26th. The company reported C$2.76 earnings per share for the quarter. The firm had revenue of C$8.40 billion during the quarter. Canadian Imperial Bank of Commerce had a return on equity of 12.61% and a net margin of 27.87%. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current year.

Insider Activity

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