CIBC target updates CIBC analyst Dennis Fong lowered his target to $13 from $15, and maintained an Outperformer rating.
"While we view the share price reaction to this update as overdone, we suspect it could take some time to rebuild investor confidence," Fong said in a note to clients.
With targets in the $12-13 range the banks for projecting a 85% to 92% gain including the dividend. As an income focused investor I am sitting on a 6.6% yield for the time being with potential of cap gains in the near term.