Canadian Imperial Bank of Commerce (CM) released its third quarter earnings before the open on Thursday. QUARTERLY RESULTS: The Canadian bank reported Q3 adjusted earnings per share of C$3.93 against a consensus estimate of C$3.41, on adjusted revenue of C$5.06B against a consensus of $4.94B. CIBC CEO Victor Dodig commented on the results, saying, “We continue to deliver purpose-driven growth across all of our business units as we work with our clients to help them achieve their ambitions. This quarter’s record top-line revenue and earnings per share underscore the breadth and quality of the growth we have across all of our key business units, as we continue to successfully navigate an uncertain environment by staying focused on our clients and on the wellbeing of our team. This quarter we continued to make strategic investments in our future growth as we have throughout the pandemic.” ANALYST REACTION: National Bank analyst Gabriel Dechaine raised his firm’s price target on CIBC to C$168 from C$159 and kept an Outperform rating on the shares. Similarly, Scotiabank analyst Meny Grauman raised his firm’s price target on shares to C$168 from C$166 and also kept an Outperform rating on the shares. Analysts from Canaccord, BMO Capital, Credit Suisse, and TD Securities also raised their price targets on CIBC following the earnings report. STOCK MOVEMENT: Despite the better-than-expected results and the bullish analyst commentary, shares of CIBC dropped from C$152.20 on Thursday’s open to C$147.92 at time of writing.
previous post
next post