Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.

According to Zacks, “CIBC is a leading North American financial institution that offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. It offers these services through two distinct business lines: CIBC Retail Markets and CIBC World Markets. The former comprises CIBC’s personal, business banking and wealth businesses. It provides a full range of financial products and services to personal, business and wealth management clients, as well as investment management services globally to retail and institutional clients. CIBC is headquartered in Toronto, Canada. “

A number of other equities analysts also recently issued reports on CM. Scotiabank reiterated a “sector perform” rating and issued a $105.00 price objective (up previously from $102.00) on shares of Canadian Imperial Bank of Commerce in a report on Monday, August 29th. RBC Capital Markets reiterated a “sector perform” rating and issued a $112.00 price objective (up previously from $104.00) on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 26th. Royal Bank Of Canada increased their price objective on Canadian Imperial Bank of Commerce from $104.00 to $112.00 and gave the stock a “sector perform” rating in a report on Friday, August 26th. Bank of America Corp. started coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, November 1st. They issued an “underperform” rating and a $72.00 price objective for the company. Finally, Desjardins reiterated a “buy” rating and issued a $110.00 price objective (up previously from $109.00) on shares of Canadian Imperial Bank of Commerce in a report on Monday, August 29th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $99.07.

Analyst Recommendations for Canadian Imperial Bank of Commerce (NYSE:CM)

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) opened at 78.67 on Tuesday. Canadian Imperial Bank of Commerce has a 1-year low of $56.29 and a 1-year high of $82.60. The stock’s 50 day moving average price is $75.98 and its 200-day moving average price is $77.09. The company has a market capitalization of $31.06 billion, a PE ratio of 10.32 and a beta of 1.06.

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Large investors have recently added to or reduced their stakes in the stock. Advisor Group Inc. acquired a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $154,000. Smith Asset Management Group LP acquired a new stake in Canadian Imperial Bank of Commerce during the third quarter valued at approximately $199,000. Tower Research Capital LLC TRC boosted its stake in Canadian Imperial Bank of Commerce by 2,545.0% in the third quarter. Tower Research Capital LLC TRC now owns 2,645 shares of the company’s stock valued at $205,000 after buying an additional 2,545 shares during the period. Eqis Capital Management Inc. acquired a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $208,000. Finally, Highbridge Capital Management LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at about $225,000. 52.80% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

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