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| VAGUE | 61.080 | Gordon Higgins, CA, MBA, CFA | Bank with the greatest risk. The rescue package in the US could have a direct effect on CIBC. | 2008-09-30 | |
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| BUY | 56.900 | Bruce Campbell | Upgraded by RBC and Nesbitt Burns. Still write offs to come. Most depressed of Canadian banks. | 2008-09-29 | |
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| TOP PICK | 62.590 | Richard Croft | Buy CIBC and Sell CIBC Jan 64 Calls. A basic “Call Right” on CIBC. One of the more volatile banks. The options trade at the highest premiums. The $64 level is kind of attractive. The return on this is about 8% between now and January if it is above $64. | 2008-09-19 | |
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| Comment | 55.670 | Gavin Graham | (Market Call Minute.) The Canadian bank that has performed the worst and will rebound the most. | 2008-09-17 | |
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| DON'T BUY | 62.310 | Norman Levine | Has a well-deserved reputation of being the riskiest bank in Canada. | 2008-09-05 | |
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| WAIT | 58.430 | Robert Floyd | (Market Call Minute.) Still facing some headwinds. If you are looking at this one, wait until they actually report. | 2008-08-21 | |
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| Comment | 58.450 | Laura Wallace | Had very disappointing performance this year but is not remotely in danger of failure. | 2008-08-19 | |
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| PAST TOP PICK | 60.500 | Michael Sprung | (A Top Pick Aug 31/07. Down 35%.) Current valuation is ridiculous. This is a retail bank and retail is 70%-75% of their operations. Should earn over $7 in cash earnings this year and $7.50 next year. Still a Buy. | 2008-08-14 | |
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| PAST TOP PICK | 62.350 | Gordon Higgins, CA, MBA, CFA | (A Top Pick Sept 12/07. Down 44%.) Ended up with more impact on the US side than expected. Odds are they're going to have to take another $1 billion or so write-downs again. Sold some of his holdings. Looking for better times once we are through this difficult period. Always buys this as a pairs trade with Bank of Nova Scotia (BNS-T) | 2008-08-08 | |
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| DON'T BUY | 63.420 | David Burrows | Has traded up underneath the point that it has broken down on the last leg down. Expect this will pose some resistance technically. | 2008-08-05 | |
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| Comment | 60.450 | Ken McCord | (Put Options) A Put is protecting your downside, which is a wise move. (Like buying insurance on your stock.) Not a fan of banks right now. You might consider HBP Global Gold Bear (HFD-T), which is a great way to short the Canadian Financial industry. | 2008-07-29 | |
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| DON'T BUY | 52.210 | David Burrows | Situation is deteriorating. There are consistent lower revisions to the earnings estimates. Probably the weakest technically of the Canadian banks. Difficult sector. He is Short this company. | 2008-07-11 | |
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| Comment | 55.320 | Richard Croft | Re: Bank of Montreal (BMO-T) and CIBC (CM-T). Doesn’t think the banks are going anywhere for the next 3 months. You could Buy them here although they have a ways before they really turn. In the meantime you will get a dividend. | 2008-07-02 | |
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| DON'T BUY | 56.100 | Peter Brieger | Still very cautious on the banks. Significantly more write-offs to come, especially in the US. This could rub off on some of the Canadian banks. Holding off on buying any banks until the end of this year or the beginning of next year. | 2008-06-30 | |
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| PAST TOP PICK | 58.580 | Michael Sprung | (A Top Pick July 13/07. Down 35%.) The bank that everyone loves to hate. On a core earnings basis, they are still capable of earning $7 a share. Expecting more write-downs, but the market is overestimating their problems. | 2008-06-26 | |
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| DON'T BUY | 60.090 | Robert Floyd | (Market Call Minute.) Would avoid this one until some of the asset write-downs are at little bit clearer. | 2008-06-24 | |
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| DON'T BUY | 60.090 | Norman Levine | Expect there is more hurt coming in the global banks including Canada. We are in recession in many parts of North America and there will be loan losses. This one is back to its historical position of beating the riskiest Canadian bank. When times turn, it is the riskiest bank that will do the best. | 2008-06-24 | |
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| BUY | 61.630 | Pat McKeough | Canadian banks are well established companies with good dividends and good long-term growth. Everybody should own 2 or 3 of Canada's top line banks. This one is a bit more speculative because of its brokerage exposure etc. Prefers Bank of Nova Scotia (BNS-T) but this is an attractive company. | 2008-06-20 | |
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| DON'T BUY | 63.450 | Norman Levine | Dividend is safe. Have raised an enormous amount of capital and is well capitalized now. Very speculative. | 2008-06-13 | |
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| DON'T BUY | 64.750 | David Baskin | Street has pretty well lost confidence in this bank's risk management. Wouldn't buy until there was some evidence they had straightened things out and they won't have another disaster. | 2008-06-10 | |
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| Comment | 67.000 | Ross Healy | His view on bank stocks is that we are kind of in the eye of the hurricane. If anyone thinks that the credit problems are done and over with, they have another think coming. Wouldn't be surprised if there were fears that Canadian banks could cut their dividends. He doesn't see it happening. | 2008-06-05 | |
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| BUY | 73.410 | Gavin Graham | Profitability of a Canadian retail franchise, with a comfortable oligopoly in Canada gives you a wonderful base in earnings. You’ll probably take more money in this one in the next few years than you would in the more stable banks. | 2008-05-20 | |
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| DON'T BUY | 73.250 | David Baskin | Last time they had a disaster, they bounced back and people made a lot of money and who's to say they won't do it again. Not the bank that he would choose to own because of their proven track record of making it really bad, big mistakes. | 2008-05-13 | |
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| HOLD | 73.400 | Paul Thornton | Undergoing a bit of a recovery, but it is a long way off the high. He would suggest not buying any Canadian banks right here, at least this one. He would like to see more of a recovery. Give it some time to go through a bottoming process but this could go on for a long time. | 2008-05-07 | |
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| PAST TOP PICK | 74.170 | Michael Sprung | (A Top Pick July 13/07. Down 23%.) This is the bank that everyone loves to hate. Have had their share of problems and be served criticism since last summer. Still likes. | 2008-04-30 | |
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| BUY | 69.720 | Ravi Sood | Represents an interesting entry point. Doesn't think it will get close to its previous highs in the next 2 years but expect to get your dividend and some capital appreciation. | 2008-04-21 | |
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| PAST TOP PICK | 68.560 | Gordon Higgins, CA, MBA, CFA | (A Top Pick Sept 12/07. Down 27%.) Currently trading at 8X next year's earnings but could see it trading at 10X over the next year, which would be a 25% increase. Still buying. | 2008-04-17 | |
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| Comment | 68.900 | Andrew Guy, CFA | This one depends on your time horizon. This bank had the biggest exposure to the most risky part of the business. However, looking at the valuation levels, it is the cheapest bank out there. Expects the better quality banks will move sooner but you won't get the same total return. | 2008-04-07 | |
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| DON'T BUY | 66.100 | David Burrows | Not a company that weathered the major selloff since January, therefore not a great company. Look for companies that wont get hurt if a recession comes. Avoid this company. | 2008-03-31 | |
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| DON'T BUY | 64.730 | Lyle Stein | Involved with financial market implications. Much prefers BMO. | 2008-03-28 | |
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| TOP PICK | 66.450 | Michael Sprung | Getting better disclosure form this bank then any other. Has the best balance sheet of any bank in North America. | 2008-03-27 | |
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| DON'T BUY | 66.200 | Ross Healy | Have a fairly heavy exposure to the junk on their balance sheet. There will be considerable earnings about their earnings. There is a longer term downwards pressure on bank profit. Stay away from it until it gets down to its book value. | 2008-03-26 | |
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| TOP PICK | 64.350 | Michael Sprung | The bank that everybody loves to hate. Core operating earnings are probably in the area of $8 a share. Hopefully it will be $9 a share next year. At the current price, you're going to see more performance relatives to the other banks over the next couple of years. | 2008-03-05 | |
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| DON'T BUY | 66.790 | Robert Floyd | This is a bank that seems to find problems when they exist out there. It will take a quarter or 2 to get the whole issue flushed through the system and then you will see an improvement in the shares. Dividend looks fine for the time being. Wouldn't step in right now. | 2008-02-29 | |
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| HOLD | 70.190 | Norman Levine | The most accident-prone of the Canadian banks. It is still a black hole of unknowns in the financial markets globally. There could be a rally in the banks but he is not a believer yet. It is too early to Buy but if you own, Hold. | 2008-02-26 | |
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| DON'T BUY | 66.840 | Norman Levine | There have been untold cockroaches coming out on US, European and Canadian banks. He believes there is more to come. Of the Canadian banks, this is the most exposed, to bad loans, subprimes, etc. Could drop further. | 2008-02-11 | |
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| DON'T BUY | 67.470 | David Cockfield | If you are going to buy a bank, there are better choices. Wouldn't be surprised to see this one go lower. Still some potential problems. | 2008-02-08 | |
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| Comment | 68.400 | Brian Acker, CA | 15% upside on his model price. | 2008-02-07 | |
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| BUY | 73.480 | Brendan Caldwell | This bank will be fine. They have the capital injection and the worst of the subprime thing seems to be over for them. | 2008-02-01 | |
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| DON'T BUY | 68.700 | Laura Wallace | This one is not for the faint of heart. Stock is cheap and is yielding over 5%. Would be cautious. | 2008-01-30 | |
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| PAST TOP PICK | 67.240 | Gordon Higgins, CA, MBA, CFA | (A Top Pick Sept 12/07. Down 27.4%.) Management made some terrible decisions and they have made a lot of changes in management. Now a “show me” stock. Still potential for another shoe to drop. | 2008-01-25 | |
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| WATCH | 69.240 | Don Vialoux | Canadian bank stocks have 2 periods of seasonal strength. Next one coming up starts at the end of January and goes through until the end of May. This one has had a severe downtrend but early signs, on a momentum basis, indicate it is trying to bottom. Watch for this as a potential buy as you get close to February. Also keep an eye on the sector. Would prefer Toronto Dominion (TD-T) or Royal Bank (RY-T). | 2008-01-16 | |
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| DON'T BUY | 70.000 | Robert Floyd | Probably a decent price, but there will be some volatility in the next quarter or so. Has been hurt quite dramatically because of exposure to the subprime market. Wait for the dust to settle. | 2008-01-15 | |
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| DON'T BUY | 71.310 | Laura Wallace | They seem to be at the forefront of every financial calamity for the last 25 years. This time is no exception. The most exposed Canadian bank to the subprime experience. Will stay under a cloud and continued to trade at a discount for some time. | 2008-01-11 | |
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| TOP PICK | 66.960 | Michael Sprung | Not often that you see a Canadian bank stock beaten up as much as this one. Selling at a compelling multiple and a 5% yield. Bringing in new board members and new management. | 2008-01-08 | |
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| DON'T BUY | 71.170 | Peter Brieger | 1st quarter is looking at another $2 billion and possibly $4 billion or $5 billion in write offs and stock could drop a lot further. He sold his holdings. | 2007-12-28 | |
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| DON'T BUY | 70.640 | Benj Gallander | See comments under Bank of Nova Scotia (BNS-T). This one would be the most contrarian of the banks, but would like to see it come down even further. | 2007-12-24 | |
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| Comment | 71.350 | David Cockfield | Have also had problems in the past, which indicates the need to look at what a company has done in the past and what its record has been. | 2007-12-21 | |
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| Comment | 70.510 | Brian Acker, CA | Finds US financials far cheaper than Canadian. Even though he is overweight in US financials, he is underweight in Canadian financials. Thinks the stock hangs around the $73.50 level. Next level down would be about $60. His model price is $92.63, a 30% positive differential. | 2007-12-20 | |
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| DON'T BUY | 70.510 | Ross Healy | Has broken through one of its technical support levels. If he could see the stock at the $62 level it would be a buy. | 2007-12-20 | |
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| DON'T BUY | 72.290 | David Baskin | It's just one thing after another with this bank. Have had some real problems. You have to question the fundamentals of their risk management process. Thinks it will take awhile to bounce back. | 2007-12-18 | |
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| DON'T BUY | 72.290 | Norman Levine | Historically the most accident prone bank. Looks like there are more cockroaches here. In the long term, banks are fine but in the near term, there is no reason to rush out and buy them. | 2007-12-18 | |
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| DON'T BUY | 74.140 | Glenn Paradis, BA, CFA | Expect this will continue to go down. There is a lot of risk in the name. Has been oversold, but doesn't see any way they are going to have a quick fix. If you own, Sell on any strength. | 2007-12-17 | |
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| DON'T BUY | 73.600 | Jeff Parent | 4.73% yield. The analogy of a falling knife is accurate in this case. Of all the banks, this one has performed the worst and within a very short timeframe. Wouldn't surprise him if it hit $70. | 2007-12-14 | |
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| HOLD | 80.260 | Peter Brieger | Has been a worry. Was deeply disappointed by the revelations that they were so heavily into a questionable area. He hopes all the bad news is out. | 2007-12-11 | |
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| HOLD | 80.840 | John O'Connell, CFA | May not be through all of their problems but are probably through the worst. Their capital ratios look sufficient to weather the storm. | 2007-12-10 | |
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| WAIT | 84.310 | Paul Thornton | Banks in Canada are very tempting. This one had a big sell off in a short period of time and there may be a short term trade if you catch the timing right and longer term there may be a very substantial gain. Do you want to risk taking a guess? Wait for a sign of a correction. | 2007-11-21 | |
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| Comment | 84.310 | Paul Gardner, CFA | This bank is always getting hammered. There is a perception that you just can't trust their trading desk. They were one of the underwriters for the subprime market. It seems to be always one thing after another. | 2007-11-21 | |
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| Comment | 83.800 | Brian Acker, CA | Q: Good entry point or would they be better buying a basket of US financials? A: Currency aside, you are a lot better on the US side. His model price is $97.22. Look for the next level of around $76. | 2007-11-20 | |
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| BUY on WEAKNESS | 99.810 | Peter Brieger | He would like to have a clearer picture of where they are going over the next 5 years and will be contacting them with this. He would be a buyer, preferably a little lower. | 2007-11-06 | |
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| BUY | 98.960 | Bob Stodgell | Long term is a wonderful asset. It's great that they've got a more worldly perspective.
Short term he thinks it's fine.
| 2007-10-18 | |
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| Comment | 100.290 | Peter Brieger | Feels initial fears are overblown so is a good time to buy when initial fears whack the share price. | 2007-10-17 | |
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| DON'T BUY | 102.250 | Laura Wallace | Not her favourite bank. It hasn't convinced her that it's changed it's culture to avoid disasters. | 2007-10-15 | |
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| BUY | 102.700 | John O'Connell, CFA | Went through a tough time recently and recovered from that very nicely. This bank is going through a transition and is trying to get a hold on their costs. A good buy for the longer haul. | 2007-10-04 | |
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| PAST TOP PICK | 99.180 | Peter Brieger | (A Top Pick Oct 16/06. Up 16.8%.) Cheapest of the majors, based on next year's earnings. | 2007-09-25 | |
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| BUY | 95.610 | Peter Brieger | Has good earnings growth- 6-7%. Fairly cheap based on next years earnings. Pretty reasonable | 2007-09-13 | |
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| TOP PICK | 95.830 | Gordon Higgins, CA, MBA, CFA | Admitted they had subprime exposure, took a hit and then pre-announced they were going to beat the street consensus for earnings by $.30 on one quarter. Now the cheapest bank and has great earnings growth. | 2007-09-12 | |
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| TOP PICK | 92.900 | Peter Brieger | (A Top Pick Oct 16/06. Up 11.1%.) One of the cheaper banks, excluding Bank of Montréal (BMO-T). Sees good solid growth as well as a growth in dividends. | 2007-08-28 | |
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| TOP PICK | 87.000 | Jeff Parent | Financial services area has been very deeply oversold. Feels it will start approaching $100 towards the end of the year but to get out if it starts a downturn at $85. | 2007-08-15 | |
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| PAST TOP PICK | 87.350 | Peter Brieger | (A Top Pick Aug 14/06. Up 12.3%.) Still a Buy. | 2007-08-14 | |
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| TOP PICK | 87.350 | Rob Callander | This one is down the most of the banks at 15%. A good level to start to buy. Good dividend yield. | 2007-08-14 | |
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| Comment | 90.050 | Peter Brieger | Has suffered from the fears of the sub prime market. | 2007-08-03 | |
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| HOLD | 92.460 | Bill Carrigan | All of the financials took a beating last week and will probably rally. If you own, but it rally for a week or two and then reduce your holdings. | 2007-07-30 | |
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| HOLD | 92.460 | Bruce Campbell | Has some exposure to a credit derivative basket that has some subprime US assets in it. This would only be worth $3 but the stock is down $15. | 2007-07-30 | |
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| DON'T BUY | 92.370 | Jonathen Wellum, B. Comm, B. Sc | Whenever there seems to be a problem, there seems to be an inordinate amount of exposure at this bank. New CEO has made huge strides in de-leveraging the business. | 2007-07-26 | |
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| DON'T BUY | 94.180 | Ian Nakamoto | Trying to move into better credit control and risk aversion but feel they still have some credit problems. The measure of volatility is much higher in this bank than others. | 2007-07-24 | |
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| HOLD | 98.230 | David Baskin | Doesn’t see it as having anything to distinguish it or make it special. Prefers others. Bank of Nova Scotia (BNS-T) gives international exposure, Royal (RY-T) gives you the size and National (NA-T) gives you a lower multiple and higher yield. | 2007-07-17 | |
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| TOP PICK | 98.150 | Michael Sprung | Sees their earnings going from the $7.40 level to $8.40 this year and higher next year. | 2007-07-13 | |
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| DON'T BUY | 94.490 | Bill Carrigan | The whole financial sector is getting tired. If you're overweight, definitely reduce. | 2007-07-10 | |
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| TOP PICK | 94.500 | Bruce Campbell | Could be exposed to some sub prime mortgages, but would be a very small proportion. Under 12 X earnings is as cheap as the group has been for quite awhile. This is the cheapest in the group. | 2007-07-09 | |
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| BUY | 95.570 | Chyanne Fickes | Likes management. Stock has done very poorly in the last little while and is unwarranted. | 2007-07-05 | |
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| WAIT | 98.380 | Bill Carrigan | Wouldn't sell all just yet. Reduce a bit. There will be more pressure on the bonds. | 2007-06-13 | |
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| PAST TOP PICK | 100.400 | Bruce Campbell | Then 70.76
Still holding it. 10% return now.
Would still buy now. | 2007-06-05 | |
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| TOP PICK | 100.900 | Peter Brieger | Liked it since the blow up of Enron.
Getting a good yield.
Slowest earnings growth of the other banks, but they are trying to stay clear of the misfortunes of Bank of Montreal.
| 2007-06-04 | |
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| TOP PICK | 106.210 | Pat McHugh | New management made some good positive moves. Slight dividend increase of 3%, which indicates they are rebuilding their tier one capital. 10% share buyback. | 2007-05-28 | |
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| HOLD | 100.290 | Don Vialoux | Talking about banks in general, Longer term trend for the banks is phenomenal. End of September to end of May. Time to sell will be on technical weakness at the end of the Month. CIBC is showing some weakness around the edges. | 2007-05-05 | |
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| PAST TOP PICK | 98.890 | Peter Brieger | Still like them. Fears of higher interest rates are causing bank stocks to suffer.
Hold for the long term. | 2007-05-02 | |
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| BUY | 99.450 | Paul Harris, CFA | Present management is very good. Has one of the best retail franchises next to the Royal Bank (RY-T). They have to do a better job with their wealth management business. | 2007-04-23 | |
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| Comment | 99.340 | Robert Floyd | Banks are looking at little bit dull here. They have driven the market for many years. There is still some upside, but people are looking elsewhere because they want more return. | 2007-04-19 | |
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| PAST TOP PICK | 99.680 | Peter Brieger | A Top Pick Sept 26/06. Up 19%.) Still a Buy. | 2007-04-18 | |
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| BUY | 101.500 | Peter Brieger | Relative to the market and relative to the other financial spaces, Canadian banks are certainly cheap. This has been his top pick in this area. | 2007-04-04 | |
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| BUY | 101.090 | Bruce Campbell | Feels it will go to $110. A 10% growth plus the dividends, gives you a 13% return. Good management. | 2007-04-02 | |
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| BUY | 102.230 | Michael Smedley | Not overvalued. | 2007-03-23 | |
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| Comment | 102.180 | Ron Meisels | This has had such a move up, that it could be subject to profit taking. | 2007-03-21 | |
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| Comment | 101.690 | Norman Levine | Has had a huge run. Probably getting a little toppy here in the near term. | 2007-03-13 | |
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| DON'T BUY | 104.000 | Michael Sprung | Has done so well that he would consider taking some profits at this point. Pretty fully valued. | 2007-02-20 | |
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| HOLD | 100.400 | Jonathen Wellum, B. Comm, B. Sc | Has never been too thrilled with this company. | 2007-02-09 | |
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| WEAK BUY | 101.850 | Chyanne Fickes | Not a fan of their management. Doesn't say that they have much of a growth strategy. Will probably split and will probably go up a little bit afterwards. | 2007-02-06 | |
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| Comment | 102.170 | Paul Gardner, CFA | Prefers Royal Bank (RY-T) and Toronto Dominion (TD-T). Retail franchises are better as they are higher margins. | 2007-02-05 | |
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| Comment | 101.750 | Peter Brieger | Have stated they will be increasing their dividends faster then their earnings. It's at about 13.4 X earnings, which is getting up there. yield is about 2.8%. | 2007-02-02 | |
Experts that have talked about Canadian Imperial Bank of Commerce
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