In a new note to investors on August 24, an analyst has provided a rating update for the Financial sector company, Canadian Imperial Bank (TSX: CM). The company received a Hold on August 24 from Scotiabank’s analyst Sumit Malhotra, with a C$136 price target.
According to TipRanks.com, Malhotra is ranked #248 out of 4872 analysts.
Currently, the analyst consensus on Canadian Imperial Bank is a Moderate Buy with an average price target of C$134.71, representing a 9.7% upside. In a report issued on August 24, National Bank also maintained a Hold rating on the stock with a C$127 price target.
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Based on Canadian Imperial Bank’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of C$6.5 billion and net profit of C$1.37 billion. In comparison, last year the company earned revenue of C$5.22 billion and had a net profit of C$1.09 billion.
Canadian Imperial Bank of Commerce operates as a global financial institution, which provides a full range of financial products and services to individual, small business, commercial, corporate and institutional clients. It operates through the following segments: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.
The company’s shares closed on Wednesday at C$122.81, close to its 52-week high of C$124.37.
