Canadian Imperial Bank of Commerce (TSE:CM) Stock Rating Upgraded by Bank of America

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, BayStreet.CA reports. The firm currently has a C$90.00 price objective on the stock, up from their prior price objective of C$74.00. Bank of America‘s target price points to a potential upside of 14.27% from the stock’s current price.

Several other research analysts also recently commented on the stock. Jefferies Financial Group cut their price objective on Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating for the company in a report on Monday, August 12th. TD Securities lifted their target price on shares of Canadian Imperial Bank of Commerce from C$76.00 to C$83.00 in a research report on Thursday, August 8th. Barclays increased their price target on shares of Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the stock an “underweight” rating in a report on Friday. Scotiabank lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$77.00 to C$85.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Cormark set a C$72.00 target price on shares of Canadian Imperial Bank of Commerce and gave the stock a “market perform” rating in a research report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and a consensus price target of C$77.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at C$78.76 on Friday. The firm’s 50-day simple moving average is C$69.53 and its two-hundred day simple moving average is C$67.24. Canadian Imperial Bank of Commerce has a 52 week low of C$47.44 and a 52 week high of C$79.62. The firm has a market cap of C$74.27 billion, a price-to-earnings ratio of 12.02, a P/E/G ratio of 3.01 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its quarterly earnings results on Thursday, May 30th. The company reported C$1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of C$1.66 by C$0.09. The company had revenue of C$6.16 billion for the quarter, compared to analyst estimates of C$6.11 billion. Canadian Imperial Bank of Commerce had a net margin of 29.25% and a return on equity of 11.92%. Analysts forecast that Canadian Imperial Bank of Commerce will post 7.3207171 earnings per share for the current year.

Insider Buying and Selling

In other news, Senior Officer Christina Charlotte Kramer sold 23,782 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of C$67.50, for a total value of C$1,605,285.00. In other Canadian Imperial Bank of Commerce news, Senior Officer John Hountalas sold 20,808 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of C$65.97, for a total transaction of C$1,372,672.55. Also, Senior Officer Christina Charlotte Kramer sold 23,782 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Friday, June 7th. The stock was sold at an average price of C$67.50, for a total transaction of C$1,605,285.00. 0.02% of the stock is currently owned by insiders.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.