Canadian Imperial Bank of Commerce (CM.TO)…

Canadian Imperial Bank of Commerce (CM.TO)

158.27

+1.79 (1.14%)

as of Oct 2, 2026, 8:00:00 pm Market Open.

1037 watching

BUY ON WEAKNESS

It is the bank that everyone loves to hate. Made its share of tactical errors over time. Sell at somewhat of a discount to the group. Have more leverage in their earnings. Can earn $7.50 a share over the next couple of years. Thinks he will see more capital appreciation.

TOP PICK

Banks will have excess capital so should be able to crank up dividends. This one is forecast to have $6.37 earnings for Oct/10 year growing to $7.80 for 2011. PE to growth of about 8X. ROE 22.6% on forecast earnings. 4.7% yield.

BUY

With exception of Royal (RY-T) banks are doing fairly well. Chart shows a beautiful downtrend line that the stock broke through recently. Banks should participate between now and the end of the year.

COMMENT

His model price is $70.74, about 6.5% upside. One of the few banks that actually has a positive to his model price. As a group, there is really no value. He would get excited about them if there were a correction in the financials.

BUY

Cheapest of the banks. Hasn't owned this one in years. Prefers the strategies of Royal (RY-T), TD (TD-T) and Scotia (BNS-T) but this bank seems to be trying to turn itself around. If a long-term investor and reasonably optimistic about the markets for the next 3-5 years, this one makes a lot of sense.

COMMENT

Banks have been taken down pretty well on a fundamental basis and he is accumulating some of them. Good yield but he prefers Scotia (BNS-T), Bank of Montreal (BMO-T) and Toronto Dominion (TD-T).

PAST TOP PICK

9.976% bonds maturing 6/30/19 (Top Pick Jun 2/09, Up 22.14%)

BUY

Likes all the banks in Canada. You have to be patient but you will do well. Great history of raising dividends and no reason for it to change.

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WEAK BUY

He doesn’t expect dividend increases this year. It’s not a primary holding for him. The others are. Interest rate increase could help them to increase their spreads.

DON'T BUY

Expect banks to move higher over the long term. In the short term there could be backing and filling. Too much volatility compared to Royal (RY-T) and Toronto Dominion (TD-T).

HOLD

Sees the banks as continuing to be strong. Has had a pretty good run in the last while but will probably not continue at the same rate. If you are a trader, consider taking some profits.

SELL

CIBC 9% bond. Last February bonds were the place to be. It was crazy. There are not enough reasons to sell this bond now, but there are not enough reasons to buy. There may be opportunities elsewhere.

BUY

Banks peaked out in August/September and has been trending down and plateauing over the last several weeks. This is a great entry point especially in this low interest rate environment where they are making a very good spread.

DON'T BUY

He is not in love with the Canadian banks right now. He owns the preferreds. There could be a fair amount of upside in the longer term and there is the dividends. If you are looking for appreciation, there are lots of others out there.

BUY

C19 9.976% due June 2018 Bond. Have done very well through 2009 with the narrowing spread. Thinks there is a little bit more spread narrowing to go on.

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Canadian Imperial Bank of Commerce (CM.TO)