The Globe and Mail reports in its Friday, Feb. 28, edition that RBC Dominion Securities analyst Darko Mihelic 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. Mihelic gave his share target a $5 boost to $108. Analysts on average target the shares at $94.56. Mr. Mihelic says in a note: "While performing PCLs [provisions for credit losses] were lower than we expected, CIBC's build was larger relative to peers and sizable compared to its performing PCLs last quarter. The core banking NIM increased three basis points quarter-over-quarter, a strong result in our view (the quarter-over-quarter increase in its NIM is second highest this quarter). We believe this momentum can continue and have increased our core EPS estimates (our revenue expectations more than offset higher PCL assumptions). Sequential movements in CIBC's core banking NIM, revenues, and preprovision pretax (PPPT) earnings were either in line with or stronger than the group average this quarter. We are impressed with the increase in CIBC's core banking NIM and believe that some of the strength here can continue."