Market News

CIBC Publishes 2021 Sustainability Report

Canadian Imperial Bank of Commerce (TSE: CM) (NYSE: CM) released its 2021 Sustainability Report on Monday. 

Progress

The 2021 Sustainability Report summarizes the actions CIBC is taking to address the pressing sustainability challenges facing people, communities and our planet.

CIBC continued to make progress on its sustainability efforts, implementing leading approaches to seizing opportunities and managing risks in areas such as sustainable finance, climate change, data ethics, as well as inclusion and diversity.  

The bank has also taken significant steps to improve its environmental, social and governance (ESG) governance framework. Underpinned by its purpose of helping clients achieve their ambitions, CIBC recently announced a refocused ESG strategy, based on three pillars: accelerating the fight against climate change, unlocking opportunity, and building integrity. and trust. 

Management Commentary 

CIBC president and CEO Victor G. Dodig said, “Our team of over 45,000 strong has never been more determined to do our part to realize our shared ambition for a more sustainable future. We believe that CIBC can make a positive impact in furthering sustainability by working together with our clients and all stakeholders to build on the momentum that’s already gathering. Given the complexity of the challenges we all face, it’s the power of innovation, inclusion, and collective action that will drive us forward.” 

Wall Street’s Take 

On February 28, BMO Capital analyst Sohrab Movahedi kept a Buy rating on CM and raised its price target to C$170 (from C$165). This implies 6.9% upside potential.  

Overall, consensus among Wall Street analysts is that CM is a Moderate Buy based on six Buys, two Holds, and one Sell. The average Canadian Imperial Bank of Commerce price target of C$175.68 implies 10.5% upside potential to current levels.  

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Related News: 
CIBC Named One of Canada’s Best Diversity Employers 
CIBC Foundation Accepting Applications for Charitable Funding 

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