Scotiabank Cuts Canadian Imperial Bank of Commerce (TSE:CM) Price Target to C$95.00

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price objective cut by equities researchers at Scotiabank from C$114.00 to C$95.00 in a report issued on Thursday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Scotiabank’s price objective points to a potential upside of 9.20% from the stock’s current price.

Other equities analysts also recently issued reports about the company. TD Securities increased 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. National Bankshares increased their target price on Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a research report on Wednesday, November 20th. BMO Capital Markets increased their target price on Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a research report on Monday, November 18th. UBS Group decreased their price target on Canadian Imperial Bank of Commerce from C$102.00 to C$96.00 in a research note on Friday, February 14th. Finally, Cormark increased their price target on Canadian Imperial Bank of Commerce from C$99.00 to C$104.00 in a research note on Friday, December 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and an average price target of C$93.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock traded down C$0.92 on Thursday, hitting C$87.00. 642,975 shares of the company’s stock were exchanged, compared to its average volume of 3,268,549. Canadian Imperial Bank of Commerce has a 12 month low of C$62.21 and a 12 month high of C$95.50. The stock has a market cap of C$81.39 billion, a P/E ratio of 11.49, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12. The company has a 50 day moving average of C$90.62 and a 200 day moving average of C$85.06.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In other news, Senior Officer Robert Sedran sold 20,652 shares of the firm’s stock in a transaction that occurred on 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 firm’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 quarter, insiders sold 177,012 shares of company stock valued at $16,687,218. Company insiders own 0.02% of the company’s stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is Canada’s fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.