Canadian Imperial Bank of Commerce (TSE: CM) (NYSE: CM) announced Monday that the CIBC Foundation is now accepting applications from charities.
Social and Economic Opportunities for Everyone
The CIBC Foundation will focus more on requests from organizations that will improve access to education and employment opportunities in underserved communities, and specifically reskilling, upgrading and reducing the digital divide.
In 2021, CIBC donated a total of C$70 million to the foundation, and plans to grow this amount to C$155 million over time.
The CIBC Foundation also announced a one-year digital sponsorship program for new Black journalists through The Walrus, one of Canada’s leading non-profit media organizations.
The initiative involves the creation of a new digital-focused position at The Walrus for an early career Black journalist, who will be trained on the skills and tools needed to conceptualize, develop and produce storytelling.
Management Commentary
“Through the CIBC Foundation we are demonstrating our purpose in action by supporting causes important to our clients and communities,” said Harry Culham, Group Head, Capital Markets, CIBC, and Co-Chair, CIBC Foundation.
“We are excited by this new chapter and look forward to helping realize the purposeful objectives of organizations who share our collective ambition to increase access to education and employment outcomes across the country.”
Wall Street’s Take
On February 28, Stifel analyst Mike Rizvanovic kept a Hold rating on CM and raised its price target to C$174 (from C$172). This implies 9.7% upside potential.
Overall, consensus among Wall Street analysts is that CM is a Strong Buy based on six Buys, two Holds, and one Sell. The average Canadian Imperial Bank of Commerce price target of C$176.10 implies 11% upside potential to current levels.
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