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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 906,003,982
Close 2022-11-23 C$ 64.74
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Globe says Li assumes a Q4 dividend increase at CIBC

2022-11-23 08:04 ET - In the News

The Globe and Mail reports in its Wednesday, Nov. 23, edition that ahead of the start of fourth quarter earnings season, Credit Suisse analyst Joo Ho Kim sees Canadian banks remaining "well-positioned to weather through a downturn given the resilient earnings generation and balance sheet strengths." The Globe's David Leeder writes in the Eye On Equities column that Mr. Kim also thinks "strong upside exists" for the sector despite several approaching headwinds. Mr. Kim is sticking with his "outperform" call on Canadian Imperial Bank of Commerce. He cut his share target back by $4 to $72. Analysts on average target the shares at $73.59. Mr. Kim says in a note: "Although Q4 tends to be a guidance-heavy quarter for the Canadian banks, it remains uncertain whether a further positive forward outlook (whether for NIMs, credit, or others) would be enough to send the sector valuation higher, especially in the absence of further macro clarity. Even as we forecast a more challenging growth environment in F2024, our estimates suggest a still very respectable mid-teens ROE for that year. ... For the quarter, we assume dividend increases across all the banks in our coverage universe."

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