The Globe and Mail reports in its Wednesday, Feb. 21, edition that Scotia Capital analyst Meny Grauman has elevated his recommendation for Canadian Imperial Bank of Commerce to "sector outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Grauman jacked his share target up by $5 to $67. Analysts on average target the shares at $64.16. Mr. Grauman says in a note: "Our upgrade of CIBC is tied to solid financial performance, and an improved macro-outlook as we are increasingly convinced in the resiliency of the Canadian housing market even in the face of the coming mortgage renewal wave. In our view, much of CIBC's discount to the group has been driven by its outsized exposure to Canadian residential mortgages, but we now believe that this tail risk is shrinking. The stock has not yet fully reflected that (especially on a relative basis) creating what we think is a buying opportunity. After a strong rally in December, the stock has been underperforming peers more recently, with the sell-off likely tied to the bank's U.S. CRE exposure, which has come back into the spotlight in the wake of the headlines swirling around New York Community Bancorp."