Canadian Imperial Bank of Commerce (TSE:CM) Stock Crosses Above 50-Day Moving Average – Time to Sell?

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of C$104.41 and traded as high as C$112.36. Canadian Imperial Bank of Commerce shares last traded at C$111.99, with a volume of 3,365,854 shares trading hands.

Analysts Set New Price Targets

Several analysts recently commented on CM shares. TD Securities raised their price objective on shares of Canadian Imperial Bank of Commerce from C$110.00 to C$117.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Jefferies Financial Group raised their price objective on shares of Canadian Imperial Bank of Commerce from C$94.00 to C$102.00 in a research note on Wednesday, August 13th. Desjardins raised their price objective on shares of Canadian Imperial Bank of Commerce from C$106.00 to C$113.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Scotiabank raised their price objective on shares of Canadian Imperial Bank of Commerce from C$101.00 to C$116.00 and gave the company an “outperform” rating in a research note on Friday, August 29th. Finally, National Bankshares set a C$110.00 target price on shares of Canadian Imperial Bank of Commerce and gave the stock a “sector perform” rating in a research report on Monday. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of C$108.25.

Canadian Imperial Bank of Commerce Price Performance

The company has a market cap of C$104.10 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 3.03 and a beta of 1.33. The business’s 50-day simple moving average is C$104.41 and its 200-day simple moving average is C$94.29.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is Canada’s fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.