RBC Capital Markets raised its price target on CIBC (CM.TO, CM) to $97 from $74.

Analyst Darko Mihelic maintained a Sector Perform rating on shares of the Canadian bank following its quarterly results.

"Q4/24 was stronger than anticipated on lower than expected PCLs," Mihelic said in a note to clients. "We believe CM's guidance on PCLs is credible as is its desire to buyback stock and not overextend itself for mortgage growth."

"We model CM with higher but below average loan growth," the analyst said. "This shows up in slower relative revenue/PPPT/EPS growth in 2026."

"We believe PCLs have likely peaked and even though its ROE target is now lower at 15%, we do not see this level achieved over our forecast period."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)