Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $95.00 price target on the bank’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.45% from the company’s previous close.

According to Zacks, “CIBC is a leading North American financial institution that offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. It offers these services through two distinct business lines: CIBC Retail Markets and CIBC World Markets. The former comprises CIBC’s personal, business banking and wealth businesses. It provides a full range of financial products and services to personal, business and wealth management clients, as well as investment management services globally to retail and institutional clients. CIBC is headquartered in Toronto, Canada. “

Several other research firms also recently commented on CM. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 18th. BidaskClub upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. Canaccord Genuity began coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday. They set a “buy” rating for the company. Finally, Credit Suisse Group upgraded Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research report on Friday, March 31st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $100.63.

Canadian Imperial Bank of Commerce (CM) traded up 0.25% on Tuesday, reaching $85.24. The company’s stock had a trading volume of 758,386 shares. Canadian Imperial Bank of Commerce has a one year low of $72.62 and a one year high of $92.22. The stock has a 50-day moving average of $79.18 and a 200-day moving average of $83.77. The stock has a market cap of $34.23 billion, a P/E ratio of 9.24 and a beta of 1.08.

ILLEGAL ACTIVITY NOTICE: “Canadian Imperial Bank of Commerce (CM) Rating Increased to Buy at Zacks Investment Research” was posted by American Banking News and is owned by of American Banking News. If you are viewing this article on another domain, it was illegally stolen and reposted in violation of U.S. and international copyright & trademark law. The correct version of this article can be accessed at https://www.americanbankingnews.com/2017/07/18/canadian-imperial-bank-of-commerce-cm-rating-increased-to-buy-at-zacks-investment-research.html.

Institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its position in Canadian Imperial Bank of Commerce by 7.2% in the first quarter. Parallel Advisors LLC now owns 1,915 shares of the bank’s stock valued at $152,000 after buying an additional 129 shares in the last quarter. Koch Industries Inc. purchased a new position in Canadian Imperial Bank of Commerce during the first quarter valued at $207,000. Raymond James Financial Services Advisors Inc. purchased a new position in Canadian Imperial Bank of Commerce during the first quarter valued at $209,000. Shoker Investment Counsel Inc. purchased a new position in Canadian Imperial Bank of Commerce during the first quarter valued at $216,000. Finally, Private Advisor Group LLC purchased a new position in Canadian Imperial Bank of Commerce during the first quarter valued at $227,000. Institutional investors and hedge funds own 47.60% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

Get a free copy of the Zacks research report on Canadian Imperial Bank of Commerce (CM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Canadian Imperial Bank of Commerce (NYSE:CM)

Receive News & Ratings for Canadian Imperial Bank of Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Imperial Bank of Commerce and related companies with MarketBeat.com's FREE daily email newsletter.