TD Cowen raised the firm’s price target on CIBC (CM) to $102 from $99 and keeps a Buy rating on the shares. The firm views the quarter favourably in several respects such as its solid PTPP despite elevated spending, particularly in the U.S., good NII and NIM performance, good growth in market-sensitive, higher ROE business,and solid credit metrics. In Cowen’s view, results support a higher relative P/E.
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