Market Overview

UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Canadian Imperial Bank of Commerce

Related CM
6 Notable Stocks Trading Ex-Dividend Monday, September 26
Benzinga's Top Initiations
Trump Cuts The Ribbon, Opposes AT&T-Time Warner (Seeking Alpha)

In a report published Friday, BMO Capital Markets reiterated its Outperform rating on Canadian Imperial Bank of Commerce (NYSE: CM), and raised its price target from $84.00 to $86.50.

BMO Capital noted, “We increased the target price to $86.50 from $84, representing 10.4x our 2013E cash operating EPS of $8.35. We continue to believe that CM shares will trade at a discount given lower net income growth prospects but that concerns on capital reallocation may abate. The target price translates into a target yield of 4.3% on CIBC's current dividend. We do believe that CIBC could increase the dividend 4-5% per year.”

Canadian Imperial Bank of Commerce closed on Thursday at $80.87.

Latest Ratings for CM

Sep 2016DundeeInitiates Coverage onBuy
Aug 2016BMO CapitalMaintainsMarket Perform
Dec 2015Credit SuisseMaintainsUnderperform

View More Analyst Ratings for CM
View the Latest Analyst Ratings

Posted-In: BMO Capital MarketsAnalyst Color Price Target Analyst Ratings


Related Articles (CM)

View Comments and Join the Discussion!