CIBC price target raised to C$85 from C$77 at Barclays

Barclays analyst Brian Morton raised the firm’s price target on CIBC (CM) to C$85 from C$77 and keeps an Underweight rating on the shares. The firm says Canadian bank earnings in Q4 should see seasonal headwinds, and the impact from lower rates though asset management should help fee revenue. It is changing ratings and targets in the group ahead of the earnings reports. The analyst also looks for the banks’ initial takes on 2025.