CIBC Target Raised to $97 at RBC-March 2024-www.financetom.com

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CIBC Target Raised to $97 at RBC

Dec 6, 2024 10:10 AM

12:59 PM EST, 12/06/2024 (MT Newswires) -- CIBC target has been raised to $97 (from $74) at RBC after the bank reported fourth-quarter results that were stronger than anticipated on lower than expected PCLs.

"We believe CM's guidance on PCLs is credible as is its desire to buyback stock and not overextend itself for mortgage growth," writes RBC analyst Darko Mihelic.

Mihelic is modelling CIBC with higher but below average loan growth. This shows up in slower relative revenue/PPPT/EPS growth in 2026.

Maintain Sector Perform.

Price: 94.03, Change: +0.49, Percent Change: +0.52

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