Canadian Imperial Bank of Commerce’s Stock Is Buy After Today’s Gap Up

 Canadian Imperial Bank of Commerce's Stock Is Buy After Today's Gap Up

The stock of Canadian Imperial Bank of Commerce (TSE:CM) gapped up by $0.22 today and has $113.13 target or 4.00% above today’s $108.78 share price. The 5 months technical chart setup indicates low risk for the $43.18 billion company. The gap was reported on Dec, 1 by Barchart.com. If the $113.13 price target is reached, the company will be worth $1.73 billion 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%. It is down 4.55% since April 27, 2016 and is uptrending. It has underperformed by 1.38% the S&P500.

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

Out of 9 analysts covering Canadian Imperial Bank Of Commerce (TSE:CM), 4 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 44% are positive. $123 is the highest target while $74 is the lowest. The $104.36 average target is -4.06% below today’s ($108.78) stock price. Canadian Imperial Bank Of Commerce has been the topic of 24 analyst reports since August 20, 2015 according to StockzIntelligence Inc. The stock has “Neutral” rating given by Credit Suisse on Friday, August 28. Beaufort Securities maintained Canadian Imperial Bank of Commerce (TSE:CM) on Thursday, October 15 with “Buy” rating. The stock has “” rating given by Canaccord Genuity on Tuesday, November 22. The company was maintained on Friday, October 21 by Scotia Capital. The firm has “Buy” rating by Dundee Securities given on Wednesday, September 21. TD Securities downgraded Canadian Imperial Bank of Commerce (TSE:CM) on Friday, December 4 to “Hold” rating.

More news for Canadian Imperial Bank of Commerce (TSE:CM) were recently published by: Wsj.com, which released: “Canadian Imperial Bank of Commerce to Repay Clients for Overcharging” on October 28, 2016. Fool.ca‘s article titled: “Why Canadian Imperial Bank of Commerce Isn’t Your 1-Stop Bank” and published on November 07, 2016 is yet another important article.

Canadian Imperial Bank of Commerce is a global financial institution. The company has a market cap of $43.18 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 10.54 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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