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Canadian Imperial Bank of Commerce (TSE:CM) received a target price increase from UBS Group, now set at C$102.00, indicating an 8.28% potential upside. Despite a "Moderate Buy" rating, top analysts favor five other stocks over CIBC. Insider selling activity has been noted, with significant shares sold recently.
Canadian Imperial Bank of Commerce (TSE:CM) received a target price increase from UBS Group, now set at C$102.00, indicating an 8.28% potential upside. Analysts maintain a "Moderate Buy" rating, with a consensus target of C$92.67, while insider selling has been noted recently. The stock's performance shows a 52-week range between C$59.53 and C$95.50, with a current price of C$94.20.
The Canadian Imperial Bank of Commerce, a major financial institution in Canada, serves over 14 million clients, including individuals, businesses, and institutional customers globally. It operates through four strategic business units: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets and Direct Financial Services. These units provide a range of financial services, from personal banking to wealth management for both private and institutional clients.
UBS Group AG's involvement in a $300 million debt swap for Barbados diminished after the departure of senior banker Ramzi Issa, who had specialized in such transactions. The deal, aimed at refinancing local debt to fund improvements in water and sewage systems, is now being reconsidered with UBS exploring a smaller $50 million role. The transaction, backed by two multilateral lenders, focuses on local-currency debt, limiting its appeal to global banks.
UBS Group AG's involvement in a $300 million debt swap for Barbados diminished after the departure of senior banker Ramzi Issa, who had specialized in such transactions. The deal, aimed at refinancing local debt to fund improvements in water and sewage systems, is now being reconsidered with a potential smaller role for UBS in the new year. The transaction, backed by two multilateral lenders, focuses on local-currency debt, limiting its appeal to global banks.
Canada’s six largest banks are set to increase variable compensation for employees in 2024, with an average bonus pool rise of 12.2% compared to the previous year. Notably, Royal Bank of Canada, Canadian Imperial Bank of Commerce, and National Bank of Canada are leading the increases, despite a challenging environment for dealmaking and capital markets.
Futures tied to Canada's main stock index were subdued as investors awaited earnings from major banks, with the TSX closing slightly higher. Bank of Montreal reported a drop in fourth-quarter profit due to increased loan loss provisions, while Canadian Imperial Bank of Commerce saw a profit rise. In economic news, Canada's merchandise trade deficit narrowed in October, and traders anticipate a rate cut by the Bank of Canada next week. Meanwhile, U.S. stock futures remained unchanged following a record day, with Bitcoin surpassing $100,000 for the first time.
Barbados has completed a $125 million debt swap aimed at enhancing the resilience of its water and sewage systems against climate change. The initiative, arranged by a unit of the Canadian Imperial Bank of Commerce, is supported by $300 million in guarantees from the European Investment Bank and the Inter-American Development Bank. The funds will be utilized to replace some of the island's most costly debt.
Gildan Activewear Inc. is preparing to sell debt in Canada for the first time, with meetings scheduled for fixed-income investors. CEO Glenn Chamandy will address investors in Toronto and Montreal starting November 15, hosted by Bank of Montreal, Canadian Imperial Bank of Commerce, and Bank of Nova Scotia.
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