CIBC Capital Markets
CIBC Capital Markets is the investment banking and capital markets arm of Toronto-based Canadian Imperial Bank of Commerce, operating through CIBC World Markets Inc. in Canada and CIBC World Markets Corp. in the United States. Its equity research centers on Canadian and cross-listed companies.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 15912M
- Actions
- 32612M
- Ratings / Price targets
- 220 / 106
- Upgrades / Downgrades
- 16 / 7
- Initiations
- 10
- Buy-rated
- 65%of 153 rated
- Median upside
- +25.7%
- Targets raised / lowered
- 54 / 25
- On record
- Jul 2012 – Sep 2026
Overview
In 2021 CIBC's equity research group had 25 analysts covering more than 295 Canadian-listed companies, alongside portfolio strategy, technical and ESG research. In December 2023 its research director said the team had added a few U.S.-domiciled companies to coverage.
The business dates to CIBC's 1988 purchase of a majority stake in Wood Gundy, a Toronto dealer founded in 1905, after which it formed CIBC Wood Gundy. CIBC bought U.S. broker Oppenheimer & Co. in 1997, creating CIBC Oppenheimer and then CIBC World Markets. In January 2008 it sold its U.S. investment banking, equities and equity research businesses to Oppenheimer Holdings. The unit now operates under the CIBC Capital Markets brand.
Milestones
- 1905
Wood Gundy founded in Toronto
- 1988
CIBC acquired majority stake in Wood Gundy
- 1990
Acquired much of Merrill Lynch's Canadian securities business
- 1997
Acquired U.S. broker Oppenheimer & Co.
- 2008
Sold U.S. capital markets businesses to Oppenheimer Holdings
Firm facts
- Legal name
- CIBC World Markets Inc.
- Type
- Full-service
- Founded
- 1988
- Headquarters
- Toronto, Canada
- Parent
- Canadian Imperial Bank of Commerce
- Listing
- NYSE: CM
- Senior Executive Vice-President and Group Head, Capital Markets
- Christian Exshaw
- Rating scale
- OutperformerNeutralUnderperformer12–18 months
- Also filed as
- CiBC · CIBC
- Website
- cibccm.com
Research philosophy
Our institutional equity research team is committed to helping you identify investment opportunities across the market capitalization spectrum.
CIBC Capital Markets says its equity analysts assess industries and companies from the bottom up. Its portfolio strategy team adds a top-down view of themes spanning several sectors, using technical and quantitative research to test its recommendations. In December 2023, its research director said the team had increased collaboration across sectors.
Rating methodology
Stocks are rated Outperformer, Neutral or Underperformer relative to similar stocks in the coverage universe over 12–18 months, with Tender, Not Rated and Restricted used in special cases. Sector ratings compare industries with the S&P 500 in the U.S. and the S&P/TSX Composite in Canada.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Methanex CorporationMEOH | Outperform | $71 |
 Brookfield Renewable Partners L.P.BEP | Outperform | $41 |
 TFI International Inc.TFII | Outperform | $172 |
 Newmont CorporationNEM | Outperform | $170 |
 Barrick Mining CorporationB | Outperform | $57 |
 Agnico Eagle Mines LimitedAEM | Outperform | $285 |
 Celestica Inc.CLS | Outperform | $500 |
 Waste Management, Inc.WM | Neutral | $244 |
 XPLR Infrastructure, LPXIFR | Neutral | $12 |
 Algonquin Power & Utilities Corp.AQN | Neutral | $6.50 |
Most active analysts
- Kevin Chiang7 notesTFIICAECP
- Mark Jarvi7 notesAQNBEPCWEN
- Anita Soni7 notesNEMAEMKGC
- Hamir Patel7 notesMEOHMERCCF
- Cosmos Chiu4 notesPAASHLSSRM
- Todd Coupland3 notesCLSDDOGRBRK
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Sep 22 | EXEndeavour Silver Corp.EXK | Downgrade | Outperform →Neutral |
| Sep 20 | ORORZCF | Upgrade | Neutral →Outperform |
| Sep 11 | DTDTLIF | Downgrade | Outperform →Neutral |
| Sep 10 | NNNNWWF | Reiterate | Outperform |
| Sep 10 | AYAYASF | Reiterate | Outperform |
| Sep 9 | DPDPMLF | Reiterate | Neutral |
| Sep 3 | NTNTIOF | Reiterate | Outperform |
| Aug 31 | GFGFL Environmental Inc.GFL | Reiterate | Outperform |
| Aug 31 | RBRubrik, Inc.RBRK | Reiterate | Outperform |
| Aug 28 | AAAAVVF | Reiterate | Neutral |
| Aug 27 | ENEnbridge Inc.ENB | Upgrade | Neutral →Outperform |
| Aug 27 | WCWCPRF | Reiterate | Outperform |