CIBC (NYSE:CM) Receives a Downgrade
It appears that trading for shares of CIBC (NYSE:CM) will be interesting to watch today. Credit Suisse downgraded the stock from their past “Neutral” rating to a more current “Underperform”.
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 $81.58 while the lowest target price is $71.1. The mean of all analyst targets is $77.15 with a 37.65% above today’s ($70.57) stock price. Canadian Imperial Bank Of Commerce was the topic of 16 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. Macquarie Research maintained shares on December 4 with “Neutral” rating. RBC Capital Markets maintained shares with “Sector Perform” rating and $109 target share price in a report from an August 28. Zacks upgraded CM stock in a recent report from September 21 to “Hold” rating. Finally, BMO Capital Markets maintained the stock with “Outperform” rating in a report issued on an August 31.
Approximately 359,187 shares of stock traded hands or 49.77% up from the average. Canadian Imperial Bank of Commerce (USA) (NYSE:CM) has declined 8.77% since May 4, 2015 and is downtrending. It has underperformed by 7.69% the S&P500.
Canadian Imperial Bank of Commerce is a Canada financial institution. The company has a market cap of $29.14 billion. CIBC serves its clients through three strategic business units: Retail and Business Banking, Wealth Management and Wholesale Banking. It has 10.62 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).