CIBC (TSE: CM) is among the winners of the Business Intelligence Group’s Innovation Award for the third consecutive year.
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CIBC’s Achievements Stood Above Peers
The BIG Innovation award is an annual award program highlighting organizations, products, and people around the world who bring new ideas to life in innovative ways.
CIBC received a corporate award for its role in the Global Open Finance Challenge, a virtual event that invites innovators around the world to brainstorm ideas and solutions to better serve customers and help the general public access banking services in new ways.
To assist participants in the development of their solutions, CIBC helped create a secure sandbox environment that brought together a set of common application programming interfaces and a combination of experimental services, open banking, and open finance.
A total of 91 teams from 19 countries participated in the challenge, and only four winners were selected.
Management Commentary
“Our clients’ needs continue to evolve, and we continue to seek innovative solutions to better serve them,” said Soeren Andreasen, Senior Vice-President, Enterprise Digital and Innovation Officer, CIBC.
“This recognition acknowledges CIBC’s commitment to collaboration and to building the future of banking.”
Wall Street’s Take
Last week, Barclays analyst John Aiken downgraded CM from Buy to Hold and raised its price target to C$169 (from C$162). This implies 4.5% upside potential.
Overall, consensus among Wall Street analysts is that CM is a Strong Buy based on seven Buys and one Hold. The average Canadian Imperial Bank of Commerce price target of C$166.12 implies 2.7% upside potential to current levels.
TipRanks’ Smart Score
CM scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns have good chances to beat the overall market.
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