Bullboard - Stock Discussion Forum Canadian Imperial Bank of Commerce T.CM.P.Q

Primary Symbol: T.CM Alternate Symbol(s): T.CM.P.O | T.CM.P.P | T.CM.P.S | T.CM.P.Y | CM

Canadian Imperial Bank of Commerce is a Canada-based financial institution. The Company has 13million personal banking, business, public sector and institutional clients. Across personal and business banking, commercial banking and wealth management, and capital markets businesses, the Company offers a full range of advice, solutions and services through its digital banking network and... see more

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TSX:CM - Post Discussion

Canadian Imperial Bank of Commerce > BMO

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Post by Dibah420 on Mar 01, 2024 4:21pm

BMO

BMO Reviews CIBC's Target to $68, Maintains Outperform, After Q1

MT Newswires - Mar 01, 2024 1:52 PM EST

01:52 PM EST, 03/01/2024 (MT Newswires) -- CIBC's adjusted diluted EPS of $1.81 was above BMO/consensus estimates of $1.66. The beat to BMO was due to "noteworthy" outperformance in Capital Markets (equity and FX trading).

The bank continues to post strong positive operating leverage reflecting targeted strategic spend, writes analyst Sohrab Movahedi. PCLs of 43bps were in line; U.S. CRE office portfolio reserving likely at a peak. Strong CET1 ratio of 13.0%; CIBC also plans to turn off the DRIP discount by the end of April.

Target raised to $68 based on a 9.4x 2025E EPS multiple. Maintain Outperform.

Price: 65.78, Change: +1.56, Percent Change: +2.43

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