CIBC Invests C$100M to Stimulate Climate Innovations


This article was originally published on TipRanks.com

Canadian Imperial Bank of Commerce (TSE: CM) announced Monday a new investment commitment of C$100 million in limited partnerships with a mandate to invest in funds for climate technologies and energy transition.

Accelerating Climate Action 

Through this contribution, CIBC will make new investments in limited partnerships in support of low-carbon climate technology funds to stimulate the discovery of climate innovations.

This C$100 million investment by CIBC in limited partnerships is in addition to its C$450 million commitment to funds focused on the venture capital and growth equity sectors.

Management Commentary 

“With new and intensifying environmental challenges, we believe our bank has an important role to play in supporting the acceleration of climate action through innovation across North America,” said Harry Culham, Group Head, CIBC Capital Markets. “These investments are another way we’re driving growth into new areas of the economy while helping to foster long-term sustainability.”

Wall Street’s Take

On December 8, Canaccord Genuity analyst Scott Chan maintained a Buy rating on CM with a C$161 price target. This implies 11.8% upside potential.

Overall, consensus among Wall Street analysts is that CM is a Strong Buy based on seven Buys. The average Canadian Imperial Bank of Commerce price target of C$165.77 implies 15.1% upside potential to current levels.

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