The Globe and Mail reports in its Tuesday edition that TD Cowen analyst Mario Mendonca continues to rate Canadian Imperial Bank of Commerce "buy," with an unchanged share target of $91. The Globe's David Leeder writes that analysts on average target the shares at $80.15. Mr. Mendonca says CIBC is his "best idea" in the bank sector. He says in a note: "In terms of performance, we highlight consistently strong PTPP growth, lower credit losses and strong capital levels (recently announced NCIB). On forward P/E basis, CIBC trades at a 5-per-cent discount to group market cap weighted P/E (2025E). CIBC delivered another strong quarter with above-average PTPP growth in Q3/24, driven by effective expense management. This growth is supported by a solid CET1 ratio and CIBC has provided guidance suggesting U.S. CRE office losses are behind the bank. The bank also announced a 2-per-cent NCIB this quarter, and which support a strong ROE. ... We believe concerns over mortgage renewals has historically hurt CIBC s relative valuation. ... Following another strong quarter, we look ahead to CIBC's Q4/24 results for confirmation of consistent performance. We continue to monitor credit conditions for the unsecured Canadian consumer."