UPDATE: Stifel Nicolaus Initiates Canadian Imperial Bank of Commerce at Hold on Weak Growth

Stifel Nicolaus initiated coverage on Canadian Imperial Bank of Commerce

with a Hold rating. Stifel Nicolaus commented, "Despite generating the highest Return on Equity (19.6% in 2Q12) within the group, which is partly driven by a lower capital base, the shares of CIBC have underperformed their Canadian bank brethren in two of the past three full years and are doing so again thus far in 2012. We attribute this, in part, to the lower growth prospects of its concentrated Canadian geographical footprint. The company's current P/E multiple of 9.5x our 2013 EPS estimate remains one of the lowest in the group (essentially in line with BMO)." Canadian Imperial Bank of Commerce closed at $77.23 on Monday.