Royal Bank of Canada Upgrades Canadian Imperial Bank of Commerce (TSE:CM) to Outperform

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) was upgraded by equities researchers at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report released on Wednesday,BayStreet.CA reports. The firm currently has a C$103.00 price target on the stock, up from their previous price target of C$97.00. Royal Bank of Canada’s target price would indicate a potential upside of 12.51% from the company’s previous close.

Several other analysts have also weighed in on CM. UBS Group raised their price objective on shares of Canadian Imperial Bank of Commerce from C$94.00 to C$102.00 in a report on Monday, December 16th. BMO Capital Markets raised their price target on Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a report on Monday, November 18th. Cormark lifted their target price on shares of Canadian Imperial Bank of Commerce from C$99.00 to C$104.00 in a report on Friday, December 6th. Canaccord Genuity Group upped 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. Finally, National Bankshares increased their target price on shares of Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$95.08.

Canadian Imperial Bank of Commerce Price Performance

TSE CM opened at C$91.55 on Wednesday. The company’s fifty day moving average is C$91.02 and its two-hundred day moving average is C$80.44. The firm has a market capitalization of C$86.51 billion, a price-to-earnings ratio of 13.25, a P/E/G ratio of 3.03 and a beta of 1.12. Canadian Imperial Bank of Commerce has a 52-week low of C$59.53 and a 52-week high of C$95.50.

Insider Transactions at Canadian Imperial Bank of Commerce

In other Canadian Imperial Bank of Commerce news, Senior Officer Robert Sedran sold 20,652 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of C$94.97, for a total value of C$1,961,227.51. Also, Senior Officer Susan Rimmer sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of C$93.14, for a total value of C$93,140.00. Over the last 90 days, insiders sold 177,012 shares of company stock valued at $16,687,218. 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.