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 target price raised by research analysts at TD Securities from C$91.00 to C$98.00 in a report issued on Friday,BayStreet.CA reports. TD Securities’ price target indicates a potential upside of 10.40% from the company’s previous close.

A number of other equities analysts have also issued reports on the company. BMO Capital Markets increased their price objective on Canadian Imperial Bank of Commerce from C$77.00 to C$81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Desjardins increased their price objective on Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Jefferies Financial Group decreased 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. Scotiabank increased their price target on Canadian Imperial Bank of Commerce from C$77.00 to C$85.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, National Bankshares increased their price target on Canadian Imperial Bank of Commerce from C$78.00 to C$86.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of C$79.69.

Canadian Imperial Bank of Commerce Stock Down 1.2 %

Shares of TSE:CM traded down C$1.07 during trading on Friday, hitting C$88.77. 1,366,557 shares of the company traded hands, compared to its average volume of 3,702,109. The stock has a market capitalization of C$83.88 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 3.03 and a beta of 1.12. The business’s fifty day moving average is C$84.59 and its 200-day moving average is C$73.71. Canadian Imperial Bank of Commerce has a one year low of C$51.60 and a one year high of C$90.57.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its earnings results on Thursday, August 29th. The company reported C$1.93 EPS for the quarter, beating the consensus estimate of C$1.75 by C$0.18. The company had revenue of C$6.60 billion during the quarter, compared to analyst estimates of C$6.31 billion. Canadian Imperial Bank of Commerce had a return on equity of 12.37% and a net margin of 29.56%. On average, analysts forecast that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current year.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In other news, Director Harry Kenneth Culham sold 50,000 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of C$81.87, for a total transaction of C$4,093,500.00. Also, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of C$79.89, for a total transaction of C$441,791.70. In the last 90 days, insiders sold 203,057 shares of company stock worth $16,823,249. 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.