Scotiabank Has Lowered Expectations for Canadian Imperial Bank of Commerce (TSE:CM) Stock Price

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price objective cut by analysts at Scotiabank from C$114.00 to C$95.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Scotiabank’s price objective would indicate a potential upside of 9.71% from the stock’s previous close.

CM has been the topic of several other research reports. TD Securities increased their price objective on Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research note on Friday, November 15th. Canaccord Genuity Group raised their price target on Canadian Imperial Bank of Commerce from C$92.00 to C$99.00 in a research note on Friday, December 6th. National Bankshares upped their price objective on shares of Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a research note on Wednesday, November 20th. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a research report on Monday, November 18th. Finally, Cormark boosted their price target on shares of Canadian Imperial Bank of Commerce from C$99.00 to C$104.00 in a report on Friday, December 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and an average target price of C$93.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at C$86.59 on Thursday. The firm has a market capitalization of C$81.01 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 3.03 and a beta of 1.12. The company has a 50-day moving average of C$90.33 and a 200 day moving average of C$85.29. Canadian Imperial Bank of Commerce has a 1-year low of C$62.59 and a 1-year high of C$95.50.

Insiders Place Their Bets

In other Canadian Imperial Bank of Commerce news, Senior Officer Susan Rimmer sold 1,000 shares of the stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of C$93.14, for a total transaction of C$93,140.00. Also, Senior Officer Robert Sedran sold 20,652 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of C$94.97, for a total value of C$1,961,227.51. In the last ninety days, insiders sold 177,012 shares of company stock valued at $16,687,218. 0.02% of the stock is owned by insiders.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is Canada’s fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.