Canadian Imperial Bank of Commerce (TSX:CM)
Shares Issued 380,672,466
Last Close 6/3/2008 $68.11
Wednesday June 04 2008 - In the News

The Globe and Mail reports in its Wednesday, June 4, edition that Canadian Imperial Bank of Commerce retreated 72 cents to end Tuesday at $68.11. The Globe's Angela Barnes writes in the Eye On Equities column that Canadian Imperial Bank of Commerce stock has a one-year range of $56.25 to $103.64. Desjardins Securities analyst Michael Goldberg expects Canadian Imperial Bank of Commerce will return to more normal earning power in 2009. Mr. Goldberg said, however, that higher-than-expected additional markdowns could dash that forecast. He feels the shares are dead money near term but he has maintained his "hold" recommendation. As well he maintained his 12-month price target at $77.50. Sentry Select Capital manager Sandy McIntyre said buy Canadian banks in The Globe on May 6. CIBC stock was then trading at $73.93. Dundee Securities analyst John Aiken said in The Globe on April 15 that Canadian bank stocks were cheap and likely to get cheaper. CIBC was then trading at $65.89. Mr. Smith upgraded CIBC shares to "hold" from "sell" in the Eye On Equities column on March 27. It was then trading at $66.20. Mr. Goldberg downgraded CIBC to "hold" from "buy" in The Globe on Oct. 12. It was trading at $101.97.