The Globe and Mail reports in its Friday, April 5, edition that BMO Nesbitt Burns analyst Sohrab Movahedi has reaffirmed his "market perform" recommendation for Canadian Imperial Bank of Commerce. The Globe's David Leeder writes in the Eye On Equities column that Mr. Movahedi boosted his share target by $5 to $74. Analysts on average target the shares at $67.86. Mr. Movahedi says in a note: "It has been a tough stretch for the Canadian bank index with seven consecutive quarters of negative operating EPS growth for the group. The trifecta of higher minimum regulatory capital requirements (Recall, OSFI increased both the upper bound and active level of DSB throughout 2023), more than doubling of provision for credit losses in the last 12 months (driven in part by the pro-cyclical reserve building requirements under IFRS9 accounting), and double-digits non-interest expense growth (in part hurt by persistently high inflation) has not only hurt earnings growth but shaved off nearly 200 basis points of ROE and 10bps of ROA from the industry's profitability in the past year. We expect these trends to start reversing throughout FY24 and FY25 for the Canadian banks given positive momentum in the following key earnings growth drivers."