The Globe and Mail reports in its Friday, Dec. 6, edition that National Bank Financial analyst Gabriel Dechaine has reaffirmed his "outperform" recommendation for Canadian Imperial Bank of Commerce. The Globe's David Leeder writes in the Eye On Equities column that Mr. Dechaine jacked his share target up by $6 to $100. Analysts on average target the shares at $91.36. Mr. Dechaine says in a note: "CIBC reported lower than expected PCLs (i.e., by 26 per cent this quarter) for the second quarter in a row, with lower impaired provisions driving the result. Moreover, the bank's GIL balance rose a modest 6 per cent quarter-over-quarter. This performance was achieved despite a modest uptick in U.S. Office CRE GILs/PCLs that, to be fair, have become a lesser concern over the past year. Guidance was better than expected, with the bank reiterating its mid-30s impaired loss ratio guidance in 2025. This outlook reflects rising impairments in the Canadian retail portfolio, offset by improving credit performance in the U.S. commercial portfolio, resulting in a gradually declining PCL ratio over the course of the year. CIBC's ROE target has been lowered to 15 per cent plus from the 16 per cent plus outlined at its 2022 Investor Day."