Canadian Imperial Bank of Commerce

CM: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Canadian Imperial Bank of Commerce: Credit Costs Should Be Manageable; Shares Overvalued

Maoyuan Chen

Jan 30, 2025

After taking a fresh look at Canadian Imperial Bank of Commerce, we are increasing our fair value estimates to CAD 77/USD 54 from CAD 70/USD 51. We maintain our narrow moat rating and Standard Morningstar Capital Allocation Rating. We are increasing the bank’s Morningstar Uncertainty Rating to Medium from Low given its exposure to the Canadian housing market and uncertainty related to US-Canada tariffs. We view shares as overvalued.

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