RBC Capital Maintains Sector Perform Rating for Canadian Imperial Bank: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
RBC Capital has maintained its Sector Perform rating for Canadian Imperial Bank (NYSE:CM) but lowered its price target from $72.00 to $67.00. The bank's shares are currently trading at $39.77, meaning the new target price would represent a 68.47% increase.
September 01, 2023 | 5:00 pm
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RBC Capital has maintained its Sector Perform rating for Canadian Imperial Bank but lowered its price target. This could potentially lead to an increase in the bank's share price.
The maintenance of the Sector Perform rating indicates that RBC Capital believes the bank will continue to perform at par with other companies in the sector. However, the lowering of the price target could be seen as a negative signal, potentially leading to a short-term decrease in the share price. In the long term, if the bank's performance aligns with RBC Capital's expectations, the share price could increase towards the new target.
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