09:11 AM EDT, 08/30/2024 (MT Newswires) -- TD Securities raised its price target on CIBC (CM.TO) to $91 from $83 on Friday.
Analyst Mario Mendonca maintained a Buy rating on shares of the Canadian bank following its Q3 results.
"While elevated treasury gains added approximately$0.07 per share this quarter, we view this quarter favourably in several respects including a) an improving capital ratio and the 2% NCIB, b) solid PTPP despite elevated spending particularly in the US, c) good growth in market-sensitive higher ROE business, and d) solid credit metrics as well as credit guidance," Mendonca said in a note to clients.
"In our view, results support a higher relative P/E."