01:38 PM EDT, 05/31/2024 (MT Newswires) -- CIBC's adjusted cash EPS of $1.75 was above BMO/consensus estimates of $1.60/ $1.65.

The beat to BMO was driven by both better PTPP and PCL. PCLs of 39bps came in below expectations, with U.S. Office CRE impaired PCLs down q/q. Strong CET1 ratio of 13.1%.

Raising target to $77 on a higher FY2025E EPS multiple; maintain Outperform rating.

Price: 66.33, Change: -2.86, Percent Change: -4.13