TD Securities Decides to Downgrade CIBC (NYSE:CM) Stock


CIBC (NYSE:CM) Receives a Downgrade

Equity research analysts at TD Securities’s research division lowered the rating for shares of CIBC (NYSE:CM) from a “Buy” to a “Hold” on Thursday morning.

From a total of 4 analysts covering Canadian Imperial Bank Of Commerce (NYSE:CM) stock, 1 rate it a ”Buy”, 2 a “Sell”, and 3 a ”Hold”. This means that 17% of the ratings are positive. The highest target price is $81.56 while the lowest target price is $71.08. The mean of all analyst targets is $77.67 with a 35.67% above today’s ($73.95) stock price. Canadian Imperial Bank Of Commerce was the topic of 14 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. Zacks upgraded shares on September 21 to “Hold” rating. BMO Capital Markets maintained CM stock in a recent report from August 31 with “Outperform” rating. Finally, Canaccord Genuity maintained the stock with “Hold” rating in a report issued on an August 27.

The stock decreased 2.08% or $1.57 on December 3, striking $73.95. Approximately 629,446 shares of stock traded hands or 196.36% up from the average. Canadian Imperial Bank of Commerce (USA) (NYSE:CM) has declined 5.93% since April 30, 2015 and is downtrending. It has underperformed by 5.64% the S&P500.

TD Securities Decides to Downgrade CIBC (NYSE:CM) Stock

Canadian Imperial Bank of Commerce is a Canada financial institution. The company has a market cap of $30.05 billion. CIBC serves its clients through three strategic business units: Retail and Business Banking, Wealth Management and Wholesale Banking. It has 11.04 P/E ratio. The Company’s three main operating groups are supported by six functional groups: Technology and Operations; Corporate Development; Finance; Treasury; Administration; and Risk Management, which form part of Corporate and Other.

According to Zacks Investment Research, “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.” Get a free copy of the Zacks research report on Canadian Imperial Bank of Commerce (USA) (CM).