TD Securities 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 target boosted by investment analysts at TD Securities from C$91.00 to C$98.00 in a report issued on Friday,BayStreet.CA reports. TD Securities’ target price suggests a potential upside of 9.50% from the company’s current price.

Several other equities research analysts have also commented on CM. BMO Capital Markets lifted their price target on shares of Canadian Imperial Bank of Commerce from C$77.00 to C$81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and boosted their target price for the company from C$74.00 to C$90.00 in a report on Friday, August 30th. Scotiabank upped their target price on Canadian Imperial Bank of Commerce from C$77.00 to C$85.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Desjardins lifted their price target on Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Cormark raised Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and increased their price objective for the company from C$75.00 to C$83.00 in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and a consensus price target of C$79.69.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at C$89.50 on Friday. Canadian Imperial Bank of Commerce has a 1 year low of C$51.60 and a 1 year high of C$90.57. The stock has a market capitalization of C$84.57 billion, a PE ratio of 12.95, a PEG ratio of 3.03 and a beta of 1.12. The stock has a 50-day simple moving average of C$84.81 and a 200-day simple moving average of C$73.82.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its quarterly earnings data on Thursday, August 29th. The company reported C$1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of C$1.75 by C$0.18. The business had revenue of C$6.60 billion during the quarter, compared to analysts’ expectations of C$6.31 billion. Canadian Imperial Bank of Commerce had a net margin of 29.56% and a return on equity of 12.37%. Analysts predict that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current year.

Insider Activity at Canadian Imperial Bank of Commerce

In related news, Director Harry Kenneth Culham sold 800 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of C$83.20, for a total value of C$66,560.00. Also, Senior Officer Christina Charlotte Kramer sold 37,022 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of C$83.40, for a total transaction of C$3,087,634.80. In the last 90 days, insiders have sold 203,057 shares of company stock valued at $16,823,249. 0.02% of the stock is owned by corporate 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.