UBS Group Forecasts Strong Price Appreciation for Canadian Imperial Bank of Commerce (TSE:CM) Stock

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price objective upped by equities researchers at UBS Group from C$94.00 to C$102.00 in a research report issued to clients and investors on Monday,BayStreet.CA reports. UBS Group’s price target suggests a potential upside of 8.28% from the stock’s current price.

A number of other brokerages have also weighed in on CM. Scotiabank increased their target price on Canadian Imperial Bank of Commerce from C$108.00 to C$114.00 in a research note on Friday, December 6th. Barclays boosted their target price on shares of Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the stock an “underweight” rating in a research note on Friday, August 30th. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a report on Monday, November 18th. TD Securities increased their target price on Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research report on Friday, November 15th. Finally, Cormark increased their price objective on Canadian Imperial Bank of Commerce from C$99.00 to C$104.00 in a report on Friday, December 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and a consensus price target of C$92.67.

Canadian Imperial Bank of Commerce Stock Performance

Shares of TSE:CM remained flat at C$94.20 during midday trading on Monday. The company had a trading volume of 627,800 shares, compared to its average volume of 3,707,942. The company’s fifty day moving average is C$88.20 and its 200 day moving average is C$77.16. Canadian Imperial Bank of Commerce has a twelve month low of C$59.53 and a twelve month high of C$95.50. The firm has a market capitalization of C$89.02 billion, a PE ratio of 13.62, a PEG ratio of 3.03 and a beta of 1.12.

Insider Activity at Canadian Imperial Bank of Commerce

In related news, Director Harry Kenneth Culham sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of C$83.42, for a total transaction of C$4,170,750.00. Also, Senior Officer Frank Guse sold 5,360 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of C$93.28, for a total transaction of C$499,985.62. Following the sale, the insider now owns 440 shares of the company’s stock, valued at C$41,043.60. This represents a 92.41 % decrease in their ownership of the stock. Insiders have sold 226,812 shares of company stock valued at $20,831,388 over the last three months. 0.02% of the stock is owned by corporate insiders.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.