Scotiabank Raises Canadian Imperial Bank of Commerce (TSE:CM) Price Target to C$114.00

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price objective increased by analysts at Scotiabank from C$108.00 to C$114.00 in a report released on Friday,BayStreet.CA reports. Scotiabank’s price target would suggest a potential upside of 20.83% from the stock’s previous close.

Several other brokerages have also issued reports on CM. Jefferies Financial Group dropped their target price on shares of Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Barclays raised their price target on shares of Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the company an “underweight” rating in a research note on Friday, August 30th. National Bankshares boosted their price objective on Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a research note on Wednesday, November 20th. TD Securities raised their target price on Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research report on Friday, November 15th. Finally, Canaccord Genuity Group lifted their price target on Canadian Imperial Bank of Commerce from C$81.00 to C$92.00 in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and a consensus price target of C$90.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of TSE:CM opened at C$94.35 on Friday. The business’s 50 day moving average price is C$87.10 and its 200-day moving average price is C$76.21. Canadian Imperial Bank of Commerce has a 1 year low of C$57.52 and a 1 year high of C$94.81. The firm has a market capitalization of C$89.16 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12.

Insiders Place Their Bets

In related news, Senior Officer Shawn Beber sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of C$81.80, for a total value of C$817,960.00. Also, Director Harry Kenneth Culham sold 50,000 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of C$81.87, for a total value of C$4,093,500.00. Insiders sold 197,527 shares of company stock valued at $16,381,457 in the last three months. 0.02% of the stock is currently owned by insiders.

About Canadian Imperial Bank of Commerce

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.