Canadian Imperial Bank of Commerce (CM), Canada’s fifth-largest bank, launched a new brand image on Wednesday.
CIBC’s new brand is a reinvention of its first logo, which was created in 1966 to celebrate the bank’s centenary. The new look features two chevrons pointing in opposite directions to symbolize a connection to the company’s past and future opportunities, and to signify the bank’s relationship with its customers.
CIBC president and CEO Victor Dodig said, “Our new look connects directly to our powerful, unifying purpose of helping make our clients’ ambitions a reality, and reflects the bank we’ve become by investing in our capabilities and our client-focused culture.”
Customers will see the new brand on Thursday, September 23, on CIBC’s digital channels and ads. CIBC banking products and institutions will sport the new brand in the coming year. (See Canadian Imperial Bank of Commerce stock charts on TipRanks)
In August, National Bank analyst Gabriel Dechaine maintained a Buy rating on CM, and a C$168 price target. This implies 16.7% upside potential.
Dechaine stated, “We’re seeing CIBC keep pace with peers in the key mortgage category, (and) exceed many of them in the commercial category.”
He added that the bank is also showing progress in products “such as cards and personal loans that have lagged the economic recovery.”
Overall, consensus among Wall Street analysts is that CM is a Strong Buy, based on eight Buys and two Holds. The average Canadian Imperial Bank of Commerce price target of C$161.58 implies 12.3% upside potential to current levels.
TipRanks’ Smart Score
CIBC scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock’s returns are likely to beat the overall market.