CIBC upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital upgraded CIBC (CM) to Outperform from Sector Perform with a price target of C$103, up from C$97. The firm believes CIBC is executing its strategy well and is largely past its previous credit concerns. As such, the firm sees upside to the stock’s valuation. The bank’s return to the price target of 19% is second highest among the large Canadian banks RBC covers, the analyst tells investors in a research note. RBC says the bank’s provisions for credit losses have likely peaked and its revenue growth will likely be “more robust” in 2026.