CIBC Miracle Day Raises C$6M for Children’s Charities

Canadian Imperial Bank of Commerce (CM) announced Friday that C$6 million was raised for children’s aid organizations around the world during the 37th annual CIBC Miracle Day, which took place on December 1st.

Building a World Without Limits to Ambition

This year’s virtual program and live broadcast brought together celebrities, charities, and CIBC team members to raise funds to improve the lives of children all over the world.

Michael “Pinball” Clemons, Katherine McPhee, David Foster, Tyler Shaw and Olympic decathlon champion Damian Warner were among the special guests.

CIBC Miracle Day is an annual event that takes place on the first Wednesday in December. It supports the work of children’s organizations around the world. CIBC Capital Markets traders and CIBC Wood Gundy Investment Advisors donate their fees and commissions for the day to help children in need. (See Analysts’ Top Stocks on TipRanks)

Management Commentary

“For the 37^th year, we rallied together with our clients, team members, charity partners, and special guests to help improve the lives of children from underserved communities globally,” said Harry Culham, Group Head, CIBC Capital Markets, and co-chair of the CIBC Foundation.

“On behalf of CIBC, I’d like to thank everyone who contributed to this special day for their incredible support and commitment to helping children realize their ambitions.”

Wall Street’s Take

On December 8, Canaccord Genuity analyst Scott Chan maintained a Buy rating on CM with a C$161 price target. This implies 13.3% upside potential.

Overall, consensus among Wall Street analysts is that CM is a Strong Buy based on seven Buys. The average Canadian Imperial Bank of Commerce price target of C$165.72 implies 16.6% upside potential to current levels.