The Globe and Mail reports in its Friday, March 1, edition that RBC Dominion Securities analyst Darko Mihelic has reaffirmed his "sector perform" recommendation for Canadian Imperial Bank of Commerce. The Globe's David Leeder writes in the Eye On Equities column that Mr. Mihelic gave his share target a $5 boost to $68. Analysts on average target the shares at $65.75. Mr. Mihelic says CIBC has shown impressive growth in revenues, capital and execution. Given its solid quarter, Mr. Mihelic believes that the bank deserves higher earnings per share estimates and valuation. Mr. Mihelic says in a note: "Two things in particular stood out for us this quarter: (1) most of the U.S. CRE issues have been resolved (early), and (2) the DRIP comes off in Q3/24. We remove CIBC's discounted DRIP starting in Q3/24 which boosts our core EPS estimates slightly, and change our PCL estimates which essentially has a bounce in earnings power. It is still possible that PCLs spike from here so we retain some caution, but all the same we move our target multiple a little higher. ... Corporate results were also particularly strong relative to our expectations but even excluding corporate, we believe CIBC had a good quarter."