The Globe and Mail reports in its Wednesday, Dec. 6, edition that BMO Capital Markets analyst Sohrab Movahedi has reaffirmed his "outperform" recommendation and $67 share target for Canadian Imperial Bank of Commerce. The Globe's David Leeder writes that analysts on average target the shares at $59.68. The Globe says Mr. Movahedi expects Canadian bank valuations to "remain depressed" in the near term. He cites "uncertainties of macro factors such as interest rates, GDP growth, inflation, and regulatory capital minimums, all of which are outside of bank management teams' control." Mr. Movahedi says in a note, "By individual bank and relative to the bank index, we have Royal Bank of Canada and National Bank of Canada at a premium, Toronto-Dominion Bank in line, and Canadian Imperial Bank of Commerce and Bank of Nova Scotia at a discount to the index." The Globe reported on Sept. 5, 2022, that Mr. Movahedi said he was "cautious" about the earnings outlook for banks. Still, he maintained his "outperform" recommendation for CIBC. The shares could then be had for $61.36. The Globe reported on March 9, 2023, that Mr. Movahedi had reiterated his "outperform" recommendation for CIBC when it was worth $58.82.