Canadian Imperial Bank of Commerce

CM · TORONTO

$114.02−$1.01 (−0.88%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $115.03

CM analyst rating

BuyConsensus of 1 analyst over the last 12 months. 100% rate it a buy.

Strong buy0
Buy1
Hold0
Underperform0
Sell0

12-month price target · 18 analysts

Average $125.66 (+10.2% upside)

Low: $110.88
Now: $114.02
High: $139.22

Upgrades and downgrades

The latest rating actions, newest first

CM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Jun 1, 2026	Maintains	Outperform	$147.00 → $167.00	64%

The case for and against

Updated Feb 9, 2026

Bull case

Canadian Imperial Bank of Commerce (CIBC) demonstrates solid financial performance, marked by a quarter-over-quarter increase in core lending NIM to 1.90% and a notable rise in Canada Commercial Banking and Wealth Management earnings, which reached $598 million, representing approximately 9% growth sequentially and 19% year-over-year. Additionally, the bank's Canada Personal and Business Banking segment reported earnings of $817 million, reflecting 11% quarter-over-quarter and 17% year-over-year increases, surpassing previous estimates. Supported by a growing loan portfolio and consistent earnings growth, CIBC's core EPS estimates have been revised upward, indicating positive financial momentum and a strong outlook for the coming fiscal years.

Bear case

Canadian Imperial Bank of Commerce has experienced a decrease in its gross impaired loans (GIL) ratio, which stands at 56 basis points, but this is the only quarter-over-quarter decline noted among its peers. While total provisions for credit losses (PCLs) have decreased approximately 8% quarter-over-quarter, they remain 16% higher year-over-year at $559 million, indicating ongoing credit quality concerns and an overall disappointing performance compared to analyst expectations. Additionally, the bank's decision to lower its medium-term return on equity (ROE) target from over 16% to above 15% amid the necessity of maintaining higher Common Equity Tier 1 (CET1) capital reflects underlying financial stress and a cautious approach to future growth.

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