Canadian Bank of Commerce (CM) Receives a Rating Update from a Top Analyst

RBC Capital analyst Matthew Hedberg maintained a Buy rating on Canadian Bank of Commerce today and set a price target of C$114.00. The company’s shares closed yesterday at $80.73.

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Hedberg covers the Technology sector, focusing on stocks such as Autodesk, Gen Digital, and Palo Alto Networks. According to TipRanks, Hedberg has an average return of 21.6% and a 70.38% success rate on recommended stocks.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Canadian Bank of Commerce with a $80.27 average price target.

Based on Canadian Bank of Commerce’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $15.27 billion and a net profit of $2.09 billion. In comparison, last year the company earned a revenue of $6.58 billion and had a net profit of $1.79 billion

Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CM in relation to earlier this year.