On National Indigenous Day, the Canadian Imperial Bank of Commerce (CM) recognized the unique heritage, diverse cultures, and contributions of First Nations, Inuit, and Métis and reinforced its commitment to advancing reconciliation.
CIBC officially launched a Reconciliation Action Committee and closed 18 banking centers in or near Indigenous communities to honor the day.
CIBC’s Vice President of Indigenous Markets, Jaimie Lickers, said, “Indigenous peoples in Canada continue to experience systemic racism and intergenerational trauma. We are committed to creating an environment that fosters true reconciliation and economic sustainability for Indigenous communities. We remain dedicated to supporting the next generation of Indigenous leaders and changemakers through investments and active engagement in communities across Canada.”
Among the steps CIBC has taken to promote inclusion and reconciliation, it has committed more than C$1.8 million in annual funding to organizations that support Indigenous communities. The bank also provides financial education sessions to Indigenous leaders and youth across Canada. (See Canadian Imperial Bank of Commerce stock chart on TipRanks)
Last week, National Bank analyst Gabriel Dechaine maintained a Buy rating on the stock and raised its price target to C$159.00 (from C$156.00). This implies 8.7% upside potential.
Dechaine said during an earnings call that as housing being an area of inflation and CIBC having businesses dealing with higher input costs on the commercial side is increasing risk.
Overall, consensus among Wall Street analysts is that CM is a Strong Buy based on 8 Buys and 1 Hold. The average CIBC analyst price target of C$154.68 implies 5.7% upside potential to current levels.
TipRanks’ Smart Score
CIBC scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock’s returns are likely to outperform the overall market.
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