CIBC Ambitions Survey: Pandemic Hasn’t Derailed Canadians’ Ambitions

CIBC’s (CM), 2021 CIBC Ambitions Survey, revealed that the pandemic has put Canadians’ ambitions on hold, without derailing them.

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“Throughout the pandemic, we saw many Canadians delay their dreams and ambitions out of necessity, but as people look forward, we’re beginning to see bigger dreams return as priorities again,” said Carissa Lucreziano, VP of Financial and Investment Advice at CIBC.

More than half of Canadians (58%) admitted to reassessing what is important in their life. A majority (73%) say their goals are about the same as before. (See Insiders’ Hot Stocks on TipRanks)

The main long-term ambitions remain travel (29%), and debt elimination (21%). Making positive lifestyle changes, getting back on track after the pandemic, and saving for retirement complete the top five ambitions respondents reported.

Just under half of Canadians surveyed (42%) say they had to put greater ambitions on hold during the pandemic.

According to the survey, the main obstacles to achieving goals are money (37%), managing daily commitments (17%), time constraints (11%), not knowing where to start (8%), and confidence (8%).

On September 1, Fundamental Research analyst Siddharth Rajeev downgraded CM to Hold, with a C$148.51 price target. This implies 1% upside potential.

Overall, consensus among Wall Street analysts is that CM is a Moderate Buy, based on eight Buys and three Holds. The average Canadian Imperial Bank of Commerce price target of C$159.80 implies 8.5% upside potential to current levels.