Canadian Imperial Bank of Commerce (TSE:CM) Raised to “Strong-Buy” at Scotiabank

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) was upgraded by investment analysts at Scotiabank to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

CM has been the subject of several other research reports. Royal Bank of Canada set a C$108.00 price objective on shares of Canadian Imperial Bank of Commerce and gave the stock an “outperform” rating in a research report on Monday, March 17th. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating and dropped their target price for the company from C$100.00 to C$89.00 in a research report on Monday, April 21st. TD Securities reduced their price target on shares of Canadian Imperial Bank of Commerce from C$100.00 to C$99.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. National Bankshares decreased their price objective on shares of Canadian Imperial Bank of Commerce from C$101.00 to C$95.00 and set an “outperform” rating on the stock in a research note on Monday, April 7th. Finally, Canaccord Genuity Group cut their target price on Canadian Imperial Bank of Commerce from C$93.00 to C$92.00 in a research note on Monday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of C$94.31.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at C$91.78 on Thursday. The firm has a market cap of C$85.87 billion, a PE ratio of 12.12, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12. The stock’s fifty day moving average price is C$83.23 and its two-hundred day moving average price is C$87.45. Canadian Imperial Bank of Commerce has a one year low of C$64.47 and a one year high of C$95.50.

Insider Buying and Selling

In related news, Senior Officer Sandy Sharman sold 1,027 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of C$81.27, for a total value of C$83,464.29. 0.02% of the stock is owned by corporate insiders.

Canadian Imperial Bank of Commerce Company Profile

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.