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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 903,857,263
Close 2022-08-19 C$ 67.81
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Globe says Grauman keeps CIBC at "outperform"

2022-08-19 08:19 ET - In the News

The Globe and Mail reports in its Friday edition that Scotia Capital analyst Meny Grauman has reaffirmed his "sector outperform" call on Canadian Imperial Bank of Commerce. The Globe's David Leeder writes that Mr. Grauman continues to target the shares at $83. Analysts on average target the shares at $83. Mr. Grauman has reiterated his "constructive" view on Canadian banks in a research report titled Priced for Imperfection. He is forecasting core cash earnings per share for the sector of $2.30, down 3 per cent from the previous quarter and 2 per cent from the same stretch a year ago. Mr. Grauman says in a note: "Gone is the view that the end of pandemic-related lockdowns would usher in an economic boom to rival the Roaring-20s. War in Ukraine, runaway inflation across the globe, and China's insistence on maintaining its zero-COVID policy have dashed those hopes and replaced it with a darker vision of the future. But investors appear to be stepping back from the brink and realizing that while rising rates will weigh on economic growth by design, the outcome is not necessarily a deep and prolonged recession. ... The market appears to be pricing in a mild recession with only limited impact on credit performance."

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