The Globe and Mail reports in its Friday edition that Canaccord Genuity analyst Matthew Lee has reaffirmed his "hold" recommendation for CIBC. The Globe's David Leeder writes that Mr. Lee gave his share target a $5 boost to $158. Analysts on average target the shares at $154.75. Mr. Lee says in a note: "CIBC reported solid Q2 results [Thursday] morning with EPS beating our estimates as capital markets strength was partially offset by weaker credit. Our key takeaway was the bank's flattish q/q NIM growth, which was largely in line with our forecast but still a significant deviation from the last several quarters. Management guided toward flattish to slightly upward NIM trends from here, which remains in-line with its previous guidance albeit off a lower base. In our view, CIBC must now demonstrate its ability to deliver earnings growth while remaining disciplined on its loan book expansion. On the credit front, PCLs were elevated in both the personal and commercial bank with management expecting the second half of the year to have a similar profile to the first. Overall, we continue to believe that CIBC is delivering quality execution but will look for further signs of durable growth before becoming more constructive."