CIBC Seen as Best of the Bunch by TD Cowen -- Market Talk

Dow Jones09-16

1126 ET - TD Cowen remains bullish on Canadian Imperial Bank of Commerce, which it argues offers the best combination of strong underlying performance and relative valuations. TD analysts say another strong quarter from the bank, with above-average pretax income before provisions for credit losses in fiscal 3Q thanks to expense management. CIBC's solid CET1 credit ratio and guidance from the bank suggests U.S. commercial real-estate office losses are now behind the bank, they add. TD has a buy stance and C$91 target, and notes CIBC is trading at a roughly 5% discount to its peer group on a market-cap weighted price-to-earnings basis. Shares now up 0.2% at C$83.65. (robb.stewart@wsj.com; @RobbMStewart)

(END) Dow Jones Newswires

September 16, 2024 11:26 ET (15:26 GMT)

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TD has a buy stance and C$91 target, and notes CIBC is trading at a roughly 5% discount to its peer group on a market-cap weighted price-to-earnings basis. Shares now up 0.2% at C$83.65. 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