RE:CM - #1 Top Pick on BNN Market Call CIBC (CM TSX)
CIBC is Canada’s fifth-largest bank with assets of just under $1 trillion. Over the past several years it has delivered industry-leading revenue growth alongside impressive cost control. Despite generating comparable returns to its peers, CIBC has historically traded at a fairly steep discount due to management mishaps in years gone by. At its current valuation, the shares trade at a P/E of nine times and a dividend yield of 6.7 per cent. Despite an expected increase in loan losses over the coming year, the shares offer excellent value.