CIBC Price Target Raised to $131 at RBC

MT Newswires Live12-08

RBC Capital Markets raised its price target on Canadian Imperial Bank of Commerce (CM.TO, CM) to $131 from $114.

Analyst Darko Mihelic maintained an Outperform rating on shares of the Canadian bank following its Q4 results on December 4.

"CM's results were better than expected across most segments except Canada Personal and Business Banking," Mihelic said in a note to clients. "Impaired PCLs were lower than we expected while CM built performing PCLs that exceeded our estimates which we view as prudent."

"This bank continues to report solid earnings, good B/S growth with few issues to quibble over, an outsized dividend increase is also welcomed," the analsyt said.

"We see PCLs as stable into 2026 but see solid revenue growth (NIM expansion tailwinds/execution), modest operating leverage, and buybacks all leading to EPS estimate increases and a higher target multiple, we increase our PT to $131."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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