Time to Buy Canadian Imperial Bank of Commerce After Today’s Gap Up?

 Time to Buy Canadian Imperial Bank of Commerce After Today's Gap Up?

The stock of Canadian Imperial Bank of Commerce (TSE:CM) gapped up by $0.18 today and has $158.24 target or 55.00% above today’s $102.09 share price. The 7 months technical chart setup indicates low risk for the $40.79 billion company. The gap was reported on Nov, 10 by Barchart.com. If the $158.24 price target is reached, the company will be worth $22.43B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 631,796 shares traded hands. Canadian Imperial Bank of Commerce (TSE:CM) has risen 5.03% since April 6, 2016 and is uptrending. It has underperformed by 0.62% the S&P500.

Canadian Imperial Bank of Commerce (TSE:CM) Ratings Coverage

Out of 10 analysts covering Canadian Imperial Bank Of Commerce (TSE:CM), 4 rate it a “Buy”, 1 “Sell”, while 5 “Hold”. This means 40% are positive. $123 is the highest target while $74 is the lowest. The $103.64 average target is 1.52% above today’s ($102.09) stock price. Canadian Imperial Bank Of Commerce has been the topic of 23 analyst reports since August 20, 2015 according to StockzIntelligence Inc. The rating was maintained by Beaufort Securities on Thursday, October 15 with “Buy”. On Wednesday, September 21 the stock rating was maintained by Dundee Securities with “Buy”. On Friday, October 21 the stock rating was maintained by Scotia Capital with “Sector Perform”. The company was downgraded on Friday, December 4 by TD Securities. On Friday, August 28 the stock rating was upgraded by Credit Suisse to “Neutral”.

More notable recent Canadian Imperial Bank of Commerce (TSE:CM) news were published by: Wsj.com which released: “Canadian Imperial Bank of Commerce to Repay Clients for Overcharging” on October 28, 2016, also Nasdaq.com with their article: “Canadian Imperial Bank of Commerce Named Top 25 Dividend Stock With 4.85 …” published on November 09, 2016, Fool.ca published: “Why Canadian Imperial Bank of Commerce Isn’t Your 1-Stop Bank” on November 07, 2016. More interesting news about Canadian Imperial Bank of Commerce (TSE:CM) were released by: Reuters.com and their article: “Fitch Affirms Canadian Imperial Bank of Commerce at ‘AA-/F1+’; Outlook Sta…” published on October 28, 2016 as well as Fool.ca‘s news article titled: “Forget the Naysayers: Canadian Imperial Bank of Commerce Is the Bank to Bet on” with publication date: October 19, 2016.

Canadian Imperial Bank of Commerce is a global financial institution. The company has a market cap of $40.79 billion. The Firm provides a range of financial services and products to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. It has a 9.9 P/E ratio. The Firm operates through three divisions: Retail and Business Banking, Wealth Management and Capital Markets.

CM.TO Company Profile

Canadian Imperial Bank of Commerce (CIBC), incorporated on May 17, 1995, is a global financial institution. The Firm provides a range of financial services and products to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Firm operates through three divisions: Retail and Business Banking, Wealth Management and Capital Markets. The Company’s Retail and Business Banking segment provides personal and business clients across Canada with financial advice, services and products in its banking centers or through remote channels, such as mobile advisors, telephone, online or mobile banking. The Company’s Wealth Management segment provides advice and investment solutions. The Company’s Capital Markets segment provides integrated credit and global markets products, investment banking advisory services and research to corporate, government and institutional clients around the world.

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