CIBC Stock Recommendations and Price Targets

This is a list of recent ratings by CIBC.

Date	Company Name	Action	Current Price	Price Target	Rating
1/30/2026	SAP Saputo	Boost Price Target	C$41.00	C$40.00 ➝ C$44.00
1/29/2026	GIB.A CGI	Lower Price Target	C$117.00	C$139.00 ➝ C$132.00
1/28/2026	MRU Metro	Lower Price Target	C$90.00	C$105.00 ➝ C$101.00	Neutral
1/28/2026	HL Hecla Mining	Boost Price Target	$22.00	$27.00 ➝ $32.00	Neutral ➝ Neutral
1/27/2026	ORZCF Orezone Gold	Reiterated Rating	$2.00		Neutral ➝ Neutral
1/23/2026	CG Centerra Gold	Boost Price Target	C$23.00	C$21.00 ➝ C$30.00
1/21/2026	AC Air Canada	Boost Price Target	C$19.00	C$23.00 ➝ C$24.00
1/21/2026	ACO.X ATCO	Boost Price Target	C$59.00	C$68.00 ➝ C$69.00
1/21/2026	BBD.B Bombardier, Inc. Class B	Downgrade	C$233.00	C$230.00 ➝ C$290.00	Outperform ➝ Neutral
1/21/2026	BLX Boralex	Lower Price Target	C$25.00	C$37.00 ➝ C$36.00
1/21/2026	CAE CAE	Boost Price Target	C$44.00	C$47.00 ➝ C$56.00
1/21/2026	CU Canadian Utilities	Boost Price Target	C$44.00	C$44.00 ➝ C$45.00
1/21/2026	CPX Capital Power	Boost Price Target	C$60.00	C$81.00 ➝ C$82.00
1/21/2026	CHR Chorus Aviation	Lower Price Target	C$21.00	C$32.00 ➝ C$31.00
1/21/2026	EIF Exchange Income	Boost Price Target	C$95.00	C$93.00 ➝ C$106.00
1/21/2026	IGM IGM Financial	Boost Price Target	C$66.00	C$61.00 ➝ C$68.00
1/20/2026	BDRBF Bombardier	Downgrade	$172.00		Outperform ➝ Neutral
1/19/2026	RCH Richelieu Hardware	Boost Price Target	C$41.00	C$37.00 ➝ C$40.00
1/16/2026	CNSWF Constellation Software	Reiterated Rating	$1,847.00		Outperform ➝ Outperform
1/16/2026	CGECF Cogeco	Reiterated Rating	$49.00		Neutral ➝ Neutral
1/16/2026	CGEAF Cogeco Communications	Reiterated Rating	$48.00		Neutral ➝ Neutral
1/16/2026	OTEX Open Text	Lower Price Target	$26.00	$40.00 ➝ $37.00	Neutral ➝ Neutral
1/16/2026	TRI Thomson Reuters	Set Price Target	$111.00	$198.00 ➝ $183.00	Outperformer ➝ Outperformer
1/16/2026	KGC Kinross Gold	Boost Price Target	$32.00	$37.00 ➝ $38.50	Outperform ➝ Outperform
1/16/2026	CCA Cogeco Communications	Boost Price Target	C$66.00	C$68.00 ➝ C$71.00
1/16/2026	CGO Cogeco	Boost Price Target	C$67.00	C$61.00 ➝ C$66.00
1/16/2026	CSU Constellation Software	Lower Price Target	C$2,513.00	C$5,260.00 ➝ C$4,668.00
1/15/2026	HBM HudBay Minerals	Reiterated Rating	$24.00		Outperform ➝ Outperform
1/15/2026	BIREF Birchcliff Energy	Downgrade	$5.00		Neutral
1/15/2026	PEYUF Peyto Exploration & Development	Upgrade	$18.00		Neutral ➝ Outperform
1/14/2026	CGY Calian Group	Boost Price Target	C$67.00	C$62.00 ➝ C$65.00
1/13/2026	AYA Aya Gold & Silver	Boost Price Target	C$22.00	C$27.00 ➝ C$30.00
1/13/2026	BIR Birchcliff Energy	Downgrade	C$7.00	C$9.50 ➝ C$8.50	Outperform ➝ Neutral
1/13/2026	CJ Cardinal Energy	Lower Price Target	C$9.00	C$8.25 ➝ C$7.75
1/13/2026	DSV Discovery Silver	Boost Price Target	C$1.00	C$9.50 ➝ C$12.50
1/13/2026	EDR Endeavour Silver	Boost Price Target	C$15.00	C$18.00 ➝ C$20.00
1/13/2026	LGN Logan Energy	Downgrade	C$1.00	C$1.15 ➝ C$0.95	Outperform ➝ Neutral
1/13/2026	PEY Peyto Exploration & Development	Upgrade	C$25.00	C$21.00 ➝ C$25.00	Neutral ➝ Outperform
1/13/2026	PD Precision Drilling	Boost Price Target	C$109.00	C$110.00 ➝ C$120.00
1/13/2026	SKE Skeena Resources	Boost Price Target	C$39.00	C$40.00 ➝ C$44.00
1/13/2026	TOU Tourmaline Oil	Lower Price Target	C$64.00	C$71.00 ➝ C$66.00
1/12/2026	AGGZF Ag Growth International	Reiterated Rating	$22.00		Neutral ➝ Neutral
1/9/2026	ATZAF Aritzia	Reiterated Rating	$79.00		Outperform ➝ Outperform
1/9/2026	ATZ Aritzia	Boost Price Target	C$107.00	C$132.00 ➝ C$148.00
1/8/2026	SLF Sun Life Financial	Reiterated Rating	$63.00		Neutral ➝ Neutral
1/8/2026	MLLGF Mullen Group	Reiterated Rating	$12.00		Neutral ➝ Neutral
1/8/2026	GWLIF Great-West Lifeco	Reiterated Rating	$47.00		Outperform ➝ Outperform
1/8/2026	WCN Waste Connections	Set Price Target	$167.00	$208.00
1/8/2026	TFII TFI International	Reiterated Rating	$108.00	$121.00	Outperform ➝ Outperform
1/8/2026	IAFNF iA Financial	Downgrade	$124.00		Outperform ➝ Neutral
1/8/2026	MFC Manulife Financial	Upgrade	$38.00		Neutral ➝ Outperform
1/8/2026	CNR Canadian National Railway	Boost Price Target	C$131.00	C$151.00 ➝ C$154.00
1/8/2026	GWO Great-West Lifeco	Boost Price Target	C$64.00	C$67.00 ➝ C$73.00	Outperform
1/8/2026	IAG iA Financial	Upgrade	C$167.00	C$175.00 ➝ C$184.00	Neutral ➝ Outperform
1/8/2026	MFC Manulife Financial	Upgrade	C$52.00	C$50.00 ➝ C$58.00	Neutral ➝ Outperform
1/8/2026	MTL Mullen Group	Boost Price Target	C$16.00	C$15.00 ➝ C$17.00
1/8/2026	SLF Sun Life Financial	Boost Price Target	C$86.00	C$93.00 ➝ C$95.00	Neutral
1/6/2026	MI.UN Minto Apartment Real Estate Invt Trust	Downgrade	C$17.00	C$17.00 ➝ C$18.00	Outperform ➝ Neutral
1/5/2026	ACQ AutoCanada	Lower Price Target	C$28.00	C$33.00 ➝ C$30.00	Outperform
1/5/2026	LNR Linamar	Boost Price Target	C$86.00	C$88.00 ➝ C$99.00	Outperform
1/5/2026	MGA Magna International	Boost Price Target	$51.00	$50.00 ➝ $56.00	Neutral
12/30/2025	NOA North American Construction Group	Lower Price Target	C$20.00	C$22.00 ➝ C$20.00
12/24/2025	NOA North American Construction Group	Lower Price Target	C$20.00	C$22.00 ➝ C$20.00
12/18/2025	ATZ Aritzia	Boost Price Target	C$107.00	C$95.00 ➝ C$132.00	Outperform
12/18/2025	PBH Premium Brands	Boost Price Target	C$94.00	C$115.00 ➝ C$120.00
12/17/2025	SUUIF Superior Plus	Upgrade	$5.00		Neutral ➝ Outperform
12/17/2025	ALA AltaGas	Boost Price Target	C$41.00	C$47.00 ➝ C$50.00
12/17/2025	ACO.X ATCO	Boost Price Target	C$59.00	C$67.00 ➝ C$68.00
12/17/2025	AYA Aya Gold & Silver	Boost Price Target	C$22.00	C$25.00 ➝ C$27.00
12/17/2025	BLX Boralex	Lower Price Target	C$25.00	C$38.00 ➝ C$37.00
12/17/2025	CU Canadian Utilities	Boost Price Target	C$44.00	C$43.00 ➝ C$44.00
12/17/2025	ENB Enbridge	Lower Price Target	C$66.00	C$71.00 ➝ C$69.00
12/17/2025	FTS Fortis	Boost Price Target	C$73.00	C$75.00 ➝ C$76.00
12/17/2025	NPI Northland Power	Boost Price Target	C$19.00	C$22.00 ➝ C$23.00
12/17/2025	SGD Snowline Gold	Boost Price Target	C$16.00	C$17.50 ➝ C$22.00
12/17/2025	SPB Superior Plus	Upgrade	C$7.00	C$8.50 ➝ C$9.00	Neutral ➝ Outperform
12/17/2025	TRP TC Energy	Boost Price Target	C$80.00	C$78.00 ➝ C$81.00
12/17/2025	TA TransAlta	Boost Price Target	C$17.00	C$25.00 ➝ C$26.00
12/16/2025	CWEN Clearway Energy	Upgrade	$36.00	$37.00 ➝ $38.00	Neutral ➝ Sector Outperform
12/16/2025	EQX Equinox Gold	Downgrade	C$19.00	C$23.00 ➝ C$21.50	Outperform ➝ Neutral
12/16/2025	PPL Pembina Pipeline	Lower Price Target	C$57.00	C$62.00 ➝ C$61.00
12/16/2025	SKE Skeena Resources	Boost Price Target	C$39.00	C$36.00 ➝ C$40.00
12/15/2025	GIB.A CGI	Downgrade	C$117.00	C$146.00 ➝ C$139.00	Outperform ➝ Neutral
12/15/2025	CMG Computer Modelling Group	Lower Price Target	C$5.00	C$6.50 ➝ C$5.50
12/15/2025	CSU Constellation Software	Lower Price Target	C$2,513.00	C$5,480.00 ➝ C$5,260.00
12/15/2025	DND Dye & Durham	Lower Price Target	C$4.00	C$8.50 ➝ C$4.50
12/15/2025	KXS Kinaxis	Upgrade	C$138.00	C$201.00 ➝ C$203.00	Neutral ➝ Outperform
12/14/2025	KXSCF Kinaxis	Upgrade	$101.00		Neutral ➝ Outperform
12/12/2025	LUNMF Lundin Mining	Reiterated Rating	$25.00		Neutral ➝ Neutral
12/12/2025	EMLAF Empire	Reiterated Rating	$33.00		Outperform ➝ Outperform
12/12/2025	DLMAF Dollarama	Reiterated Rating	$135.00		Outperform ➝ Outperform
12/12/2025	WY Weyerhaeuser	Reiterated Rating	$26.00		Outperform ➝ Outperform
12/12/2025	WY Weyerhaeuser	Boost Price Target	$26.00	$27.00 ➝ $28.00	Outperformer ➝ Outperformer
12/12/2025	DOL Dollarama	Boost Price Target	C$184.00	C$199.00 ➝ C$212.00	Neutral
12/12/2025	EMP.A Empire	Lower Price Target	C$44.00	C$59.00 ➝ C$53.00	Outperform
12/12/2025	LUN Lundin Mining	Boost Price Target	C$34.00	C$24.00 ➝ C$30.00
12/11/2025	BMO Bank of Montreal	Boost Price Target	C$185.00	C$192.00 ➝ C$199.00	Outperform
12/11/2025	BNS Bank of Nova Scotia	Boost Price Target	C$102.00	C$100.00 ➝ C$103.00	Neutral
12/11/2025	NA National Bank of Canada	Boost Price Target	C$162.00	C$174.00 ➝ C$179.00	Neutral
12/11/2025	RY Royal Bank of Canada	Boost Price Target	C$227.00	C$220.00 ➝ C$229.00	Neutral