Royal Bank of Canada Upgrades Canadian Imperial Bank of Commerce (TSE:CM) to "Outperform"

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM was upgraded by analysts at Royal Bank of Canada from a "sector perform" rating to an "outperform" rating in a research note issued on Wednesday,BayStreet.CA reports. The firm presently has a C$103.00 price objective on the stock, up from their previous price objective of C$97.00. Royal Bank of Canada's price objective indicates a potential upside of 13.42% from the company's current price.

Other equities research analysts have also recently issued research reports about the stock. National Bankshares lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a research report on Wednesday, November 20th. Canaccord Genuity Group increased their price objective on shares of Canadian Imperial Bank of Commerce from C$92.00 to C$99.00 in a report on Friday, December 6th. Scotiabank raised their price objective on Canadian Imperial Bank of Commerce from C$108.00 to C$114.00 in a research report on Friday, December 6th. Cormark boosted their target price on Canadian Imperial Bank of Commerce from C$99.00 to C$104.00 in a research report on Friday, December 6th. Finally, UBS Group raised their price target on Canadian Imperial Bank of Commerce from C$94.00 to C$102.00 in a report on Monday, December 16th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of C$95.08.

Canadian Imperial Bank of Commerce Price Performance

Shares of TSE CM traded up C$1.04 during mid-day trading on Wednesday, reaching C$90.81. The company's stock had a trading volume of 6,830,455 shares, compared to its average volume of 4,729,533. Canadian Imperial Bank of Commerce has a 52 week low of C$59.53 and a 52 week high of C$95.50. The stock has a fifty day moving average of C$90.89 and a two-hundred day moving average of C$80.09. The firm has a market capitalization of C$85.81 billion, a PE ratio of 13.14, a P/E/G ratio of 3.03 and a beta of 1.12.

Insider Buying and Selling

In other news, Director Victor George Dodig sold 150,000 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of C$94.22, for a total value of C$14,132,865.00. Also, Senior Officer Robert Sedran sold 20,652 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of C$94.97, for a total transaction of C$1,961,227.51. Insiders sold 177,012 shares of company stock valued at $16,687,218 over the last 90 days. Corporate insiders own 0.02% of the company's stock.

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.