CIBC (CM) announced Tuesday that applications for its Youth Accelerator program are now being accepted.
This initiative aims to remove barriers for the next generation of Black community leaders by supporting their education and professional ambitions. This new multi-year program has been developed in conjunction with the BlackNorth Initiative.
The Youth Accelerator will provide Black community students with C$50,000 over four years for tuition, mentorship, financial education, and paid internship or co-op internship opportunities with other signatories of the BlackNorth CEO Pledge.
“CIBC is committed to helping end anti-Black systemic racism and that means tackling barriers that exist in our society today,” said Stephen Forbes, EVP, Purpose, Brand and Corporate Affairs, CIBC.
“In consultation with leaders from the Black community, we have developed an innovative program that will create a positive, long-term impact. It’s just one way we are taking concrete action aimed at making meaningful progress in addressing the inequity that exists today.”
BGC Canada (formerly Boys & Girls Club of Canada) is administering the multi-year program. It is working closely with CIBC and the BlackNorth Initiative to retain up to 30 applicants who will participate in the program in 2022.
Students eligible for the program must be enrolled in Grade 10 for the 2021-22 school year. Applications are accepted until December 10, 2021. (See Insiders’ Hot Stocks on TipRanks)
On September 1, Fundamental Research analyst Siddharth Rajeev downgraded CM to Hold, with a C$148.51 price target. This implies 1.3% downside potential.
Overall, consensus among Wall Street analysts is that CM is a Moderate Buy based on eight Buys and three Holds. The average Canadian Imperial Bank of Commerce price target of C$160 implies 6.3% upside potential to current levels.