CM Price Prediction Next Week
Analysis and Insights
Technical Analysis:
The stock price of Canadian Imperial Bank of Commerce (CM) is currently trading at $56.73 as of the last close. Based on the technical indicators:
- RSI (6, 12, 14): The RSI values are 47.37, 40.37, and 39.64 respectively, indicating that the stock is in a bearish trend but approaching oversold territory.
- Stochastic Oscillator: The StochK (39.28) and StochD (35.19) are both below 50, confirming bearish momentum.
- MACD: The MACD line (-1.28) is below the signal line (0.14), indicating bearish momentum, but the histogram (-1.43) shows weakening bearish strength.
- Bollinger Bands: The stock is trading near the lower Bollinger Band (52.01), suggesting potential oversold conditions.
- Fibonacci Levels: The stock is near the pivot level (56.03), with resistance at 57.17 and 57.86, and support at 54.90 and 54.21.
News Sentiment and Fundamental Analysis:
- "Buy Canadian" Movement: The recent "Buy Canadian" movement in response to U.S. tariffs could positively impact Canadian banks like CM, as consumers and businesses may shift towards domestic financial institutions.
- ETF Analyst Target Prices: CM is part of the Invesco International Dividend Achievers ETF (PID), which has an implied analyst target price of $22.16 per unit, indicating a potential upside of 15.81% from its current trading price of $19.13. CM itself has an analyst target price of $69.21, representing a 23.22% upside from its current price of $56.17.
Price Prediction and Recommendation:
Based on the technical indicators and news sentiment, the stock is likely to face resistance at the 57.17 and 57.86 levels. Considering the bearish RSI and Stochastic Oscillator, the stock may experience a short-term pullback. However, the "Buy Canadian" movement and positive ETF outlook suggest potential upside in the medium term.
Predicted Price for Next Trading Week: $57.50
Recommendation: Sell or hold off on buying as the stock is in a bearish trend, but monitor for potential reversal signals.
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CM VS S&P500
CIBC has significantly improved multiple measures of core banking performance, such as customer perception surveys, promoter scores, and products per a customer. The bank is now operating at a higher level.
CIBC is more Canada-focused than most of its peers. Its consolidated returns on tangible equity remain some of the highest in the industry.
The government has kept the Canadian market attractive by placing barriers to entry, protecting high returns, and the government will continue to attempt to keep the housing market under control, limiting any future hits to profitability.
CM Analyst's Forecast
Darko Mihelic
RBC Capital
Hold
2024-12-06
Price Target
$74 → $97
Upside
+46.42%
RBC Capital analyst Darko Mihelic raised the firm's price target on CIBC to C$97 from C$74 and keeps a Sector Perform rating on the shares.
