Canadian Imperial Bank of Commerce (TSE:CM) Rating Increased to Buy at Citigroup

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Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a report released on Wednesday, June 6th. The brokerage currently has a C$130.00 price target on the stock, up from their prior price target of C$125.00. Citigroup’s target price would suggest a potential upside of 10.47% from the company’s current price.

Other research analysts have also recently issued reports about the company. Royal Bank of Canada reduced their price target on Canadian Imperial Bank of Commerce from C$141.00 to C$135.00 and set a “sector perform” rating for the company in a research report on Thursday, May 24th. Barclays increased their price target on Canadian Imperial Bank of Commerce from C$133.00 to C$138.00 in a research report on Thursday, May 24th. Canaccord Genuity set a C$131.00 price target on Canadian Imperial Bank of Commerce in a research report on Friday, February 23rd. Scotiabank reduced their price target on Canadian Imperial Bank of Commerce from C$131.00 to C$127.00 and set a “sector perform” rating for the company in a research report on Thursday, May 24th. Finally, Eight Capital set a C$140.00 price target on Canadian Imperial Bank of Commerce in a research report on Thursday, May 24th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Canadian Imperial Bank of Commerce has a consensus rating of “Buy” and an average target price of C$131.17.

Shares of Canadian Imperial Bank of Commerce traded up C$0.85, hitting C$117.68, on Wednesday, MarketBeat reports. 914,800 shares of the stock were exchanged, compared to its average volume of 1,286,515. Canadian Imperial Bank of Commerce has a fifty-two week low of C$103.84 and a fifty-two week high of C$124.37.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its quarterly earnings data on Wednesday, May 23rd. The company reported C$2.95 earnings per share for the quarter, topping the consensus estimate of C$2.81 by C$0.14. The company had revenue of C$4.38 billion during the quarter, compared to analysts’ expectations of C$4.25 billion. Canadian Imperial Bank of Commerce had a return on equity of 18.90% and a net margin of 31.76%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to individual, small business, commercial, corporate, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

Analyst Recommendations for Canadian Imperial Bank of Commerce (TSE:CM)

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