Scotiabank Forecasts Strong Price Appreciation for Canadian Imperial Bank of Commerce (TSE:CM) Stock

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its target price raised by Scotiabank from C$108.00 to C$114.00 in a note issued to investors on Friday,BayStreet.CA reports. Scotiabank’s price objective suggests a potential upside of 21.77% from the stock’s current price.

CM has been the subject of several other reports. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and upped their target price for the company from C$74.00 to C$90.00 in a research note on Friday, August 30th. BMO Capital Markets lifted their target price on Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a research note on Monday, November 18th. Barclays upped their target price 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 report on Friday, August 30th. Cormark upgraded Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and raised their price target for the stock from C$75.00 to C$83.00 in a research report on Friday, August 30th. Finally, Canaccord Genuity Group upped their price objective on Canadian Imperial Bank of Commerce from C$81.00 to C$92.00 in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of C$90.00.

Canadian Imperial Bank of Commerce Stock Up 0.1 %

Shares of Canadian Imperial Bank of Commerce stock traded up C$0.08 on Friday, hitting C$93.62. 2,006,292 shares of the company traded hands, compared to its average volume of 3,703,883. Canadian Imperial Bank of Commerce has a 12-month low of C$57.52 and a 12-month high of C$94.81. The company has a 50-day moving average price of C$86.88 and a 200 day moving average price of C$76.03. The company has a market cap of C$88.47 billion, a PE ratio of 13.55, a PEG ratio of 3.03 and a beta of 1.12.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In other Canadian Imperial Bank of Commerce news, Director Harry Kenneth Culham sold 50,000 shares of the 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. Also, Senior Officer Shawn Beber sold 10,000 shares of Canadian Imperial Bank of Commerce 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 transaction of C$817,960.00. Insiders sold a total of 197,527 shares of company stock valued at $16,381,457 in the last three months. Company insiders own 0.02% of the company’s stock.

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.