Barclays double upgraded CIBC (CM) to Overweight from Underweight with a price target of C$137, up from C$126, ahead of the fiscal Q1 report. The bank over the past two years has shown progress towards its medium-term targets, supported by return on equity expansion, more consistent earnings performance, and positive operating leverage, the analyst tells investors in a research note. Barclays says CIBC still trades at a modest discount to the group.
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