Canadian Imperial Bank of Commerce (CM) Upgraded at Citigroup

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a report issued on Wednesday, June 6th. The firm currently has a C$130.00 price target on the stock, up from their prior price target of C$125.00. Citigroup’s price objective would indicate a potential upside of 11.27% from the stock’s current price.

CM has been the subject of a number of other reports. Royal Bank of Canada increased their price objective on Canadian Imperial Bank of Commerce from C$136.00 to C$138.00 in a report on Wednesday, February 14th. Barclays cut their price target on shares of Canadian Imperial Bank of Commerce from C$125.00 to C$124.00 in a research report on Friday, February 16th. Eight Capital upped their price target on shares of Canadian Imperial Bank of Commerce from C$134.00 to C$139.00 in a research report on Friday, February 23rd. Desjardins increased their price objective on shares of Canadian Imperial Bank of Commerce from C$133.00 to C$134.00 in a research report on Friday, February 23rd. Finally, Canaccord Genuity set a C$131.00 price objective on shares of Canadian Imperial Bank of Commerce in a research report on Friday, February 23rd. 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 price target of C$131.17.

Shares of CM stock traded up C$0.29 during trading on Wednesday, hitting C$116.83. The company had a trading volume of 984,200 shares, compared to its average volume of 1,289,613. Canadian Imperial Bank of Commerce has a one year low of C$103.84 and a one year high of C$124.37.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its quarterly earnings results on Wednesday, May 23rd. The company reported C$2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of C$2.81 by C$0.14. The business 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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